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funds having a market value of 5300,000. 702.040. LICENSE FEES. (1) Each application for a License shall be accompanied by a receipt for payment in full of the required fee for the license. All fees shall be paid into the general fund of the City. Upon rejection of any application for a license, the City Administrator shall refund the amount paid. (2) Every license except a temporary license shall run for a period of one (1) year from July 1 in each year. If a portion of the license year has elapsed when the license is granted, the license shall be issued for the remainder of the year for a pro rata fee. In computing such a fee, any unexpired fraction of a month shall be counted as one month. A temporary license shall be issued for a specific period in which a special event to which the sale is incident is being held and such period shall be stated on the license. (3) The annual fee for a 3.2 percent malt liquor license shall be as set forth by City Council resolution. 702.050. APPROVAL OR DENIAL OF LICENSE APPLICATION. (1) The City Council shall investigate all facts set out in the application. The investigation shall include an inspection of the premises by the Local Fire Chief and a search to determine whether or not the applicant has a policy record. After such investigation and hearing, the Council shall grant or refuse the application in its discretion. (2) Each license shall be issued to the applicant only and shall not be transferrable to another holder. Each license shall be issued only for the premises described in the application. No license may be transferred to another place without the approval of the Council. Upon the death of a 3.2 percent malt liquor licensee, his or her personal representative may continue operation of the business within the terms of the license for a period of up to but not exceeding 90 days. 702.060. PERSONS INELIGIBLE FOR A LICENSE. No license shall be granted to or held by any person who: (I) Is under 21 years of age; (2) Has, within five (5) years prior to the application for such license, been convicted of violating any law of this State or local ordinance relating to the manufacture, sale, distribution, or possession for sale or distribution of intoxicating or 3.2 percent malt liquor, and cannot show competent evidence under Minnesota Statutes Section 364.03 of sufficient rehabilitation and present fitness to perform the duties of a 3.2 percent malt liquor licensee; (3) Is a manufacturer of 3.2 percent malt liquor or is interested in the control of any place 702 -3