All license fees imposed by this chapter shall be due and payable upon approval by the city of issuance of an initial business license or, in the event of renewal of an existing license, on the day following expiration of the annual business license as set forth in section 5.02.120 of this title, or its successor section. In the event any fee is not paid on or before such date, a penalty shall be assessed pursuant to the provisions of section 5.04.114 of this chapter, or its successor section, which penalty shall become part of the license fee imposed by this chapter. (Ord. 74-09, 2009)