If the Director of Finance determines that the license should be issued, then he shall receive from the taxicab owner prior to delivery of the license the following:
(a) A license fee in the amount of twenty-five dollars ($25.00) per annum for each taxicab to be licensed; provided, however, that after June 30 in any year, the fee shall be in the amount of twelve dollars and fifty cents ($12.50) for each taxicab; or at the option of the applicant, a license fee of one dollar ($1.00) for each day of the term of the license.
(b) Evidence of insurance policies as required in Section 767.11 for deposit with the Division of Police.
(1984 Code Sec. 117.13)