All fees required under this chapter shall be paid to the Village President at the time application for a license is made, and shall be forthwith turned over to the Village Treasurer. In the event the license applied for is denied, the fee shall be returned to the applicant; if the license is granted, then the fee shall be deposited in the General Corporate Fund or in such other fund as shall have been designated by the Board of Trustees by proper action. (1979 Code § 3-4-13)