(1) License Required. No person who resides within this city shall ride or propel a bicycle on any street or upon any public path set aside for the exclusive use of bicycles unless such bicycle has been licensed and a license plate is attached thereto as provided herein.

(2) License Application. Application for a bicycle license and license plate shall be made upon a form provided by the city and shall be made to the clerk. A license fee of $0.50 shall be paid to the city before each license is granted.

(3) Issuance of License. The clerk upon receiving proper application therefor is authorized to issue a bicycle license which shall be effective immediately.

(4) Transfer of Ownership. Upon the sale or other transfer of a licensed bicycle the licensee shall remove the license plate and shall either surrender the same to the clerk or may upon proper application, but without payment of additional fee, have said plate assigned to another bicycle owned by the applicant.