In lieu of individual permits provided for in Section 155.04, an annual permit shall be issued after application to any registered building contractor or building owner entitled to secure permits for the repair, maintenance or remodeling in or on a building or premises for any repair, maintenance or remodeling of a value less than five hundred dollars ($500.00). An application for a permit shall be in writing and shall contain a description of the premises on which the work is to be done. The annual permit fee, which is set by resolution of the City council and listed in the Schedule of Civil Penalties and Fees in the Appendix of this Code of Ordinances, shall accompany the application. The permit holder shall keep a record of all work done under the permit. This record shall be accessible to the Building Inspector at all reasonable times and shall be delivered to the Building Inspector’s office monthly by the registered building contractor. All work done under such permits shall be performed in conformance with the provisions of this chapter and be subject to inspection.