The annual license fee for the privilege of riding or propelling a bicycle on any street, alley or public way within the city shall be $0.50 per year, which fee shall be paid to the city before the license shall be issued. A similar fee shall be paid the city for each renewal of such license for the period commencing July 1 and ending June 30 of each year. The license fee herein provided for shall not be reduced in the event the application for the same is made for a fraction of a year.
('71 Code, § 371.04)