All persons who shall engage in the business of pawnbroker are hereby required to make application to the mayor and city council for a license to operate such business and upon granting the same shall thereafter pay to the city treasurer an annual license fee in accordance with the City of Grand Island Fee Schedule, and the city treasurer shall give a receipt therefor, and no receipt shall run beyond the first day of May following the date of such payment. The license fee shall be paid in advance and shall be good for one year. The city council may at its discretion issue a license for a six months' period.