No person shall ride or propel any bicycle on any public place unless and until such cycle shall have been licensed. The fee for a bicycle license shall be as shown on the Consolidated Fee Schedule adopted by the Municipal Council. The bicycle license fee may be waived by a Provo police officer conducting bicycle education (a “bicycle rodeo”) at a school. The Police Department may authorize bicycle dealers to license bicycles and bicycle dealers may retain fifty percent (50%) of the bicycle licensing fee for providing this service. This license shall remain in effect until the bicycle is sold or otherwise transferred to a new owner.