At the time of applying for a license under the provisions of this division, the applicant shall deposit with the village as a license fee a sum as set from time to time. The duration of the license issued shall be set by the village council and stated on the license, and the license shall be renewed at the expiration of such period. The fee for a license issued during the year shall be computed as a proportionate share of the license fee determined by the unexpired period for which the license shall be issued, except that in no event shall the fee be less than $3.00. (Comp. Ords. 1987, § 20.304)