When the Police Chief has completed his or her investigation of the character of the applicant and his or her drivers, and the condition and serviceability of the vehicles proposed to be used, he or she shall report his or her findings to Council. Council may then issue such license if it is satisfied as to the character of such applicant and drivers, and shall determine the amount of insurance coverage to be required and approve the proposed schedule of rates to be used, and such license may be issued subject to such other terms and conditions as may be deemed necessary by Council.