(A) The council shall by ordinance prescribe the terms and conditions upon which licenses may be granted, suspended, or revoked, and may require an exact payment of such reasonable sums for any licenses as it may deem proper. The persons receiving the licenses shall, before the issuing thereof, execute a bond to the city, when required by any ordinance, in such sum and with such securities as prescribed by such ordinance, conditioned for the faithful observance of the Charter of the city, the ordinance under which the license is granted and otherwise conditioned as any such ordinance may prescribe.
(B) The licensing power granted to cities by state law shall be vested in the council unless otherwise provided by ordinance.