Upon the filing of the application and the payment of the sum of ten dollars ($10.00) as the annual license fee therefor, the Director of Public Safety shall issue a license which shall entitle the licensee to maintain and operate, at the premises mentioned in the application, the mechanical musical instruments described in the application, subject to the terms and conditions of this chapter and other ordinances of the City, and also subject to the rules which may be promulgated under Section 733.08. At the time of issuing such license, the Director shall also issue to the licensee a registration slip or sticker for each mechanical musical instrument described in the application. The license fee shall be the annual license fee for the fiscal year which shall expire December 31 of each calendar year.