Licenses shall be issued only to bona fide business, charitable, educational, fraternal, labor, religious or veterans' organizations that operate without profit to their members, which are located in the village and which have been in existence continuously for a period of at least five (5) years immediately prior to their application for a license and which have had a bona fide membership engaged in carrying out their objectives. The village president may waive the aforementioned five (5) year period requirement in the case of any organization which has received a determination letter from the internal revenue service qualifying as an exempt organization under section 501(c)(3) of the internal revenue code. (Ord. 07-8-11, 8-21-2007)