The term of any license issued hereunder shall be limited as follows:
A. If the license fee is an annual license fee, the license shall expire on the anniversary of the date on which the license was last issued or renewed or as otherwise designated by the chief finance officer.
B. If the license fee is a daily license fee, the license shall expire at eleven fifty-nine p.m. for the day for which the license was issued; provided, however, that such license may be issued for more than one day at a time. In respect to daily licenses, the license fee for the entire licensure period shall be due and payable in advance prior to issuance of the license.
(Ord. 3 § 1 (part), 1991: prior code § 5.02.037)