The closing out sale license shall be valid for forty-five days from date of issue. It shall not be renewed except in the following manner: Prior to the expiration of the forty-five-day period, the licensee may file an affidavit with the city clerk that certain of the goods intended to be sold have not been sold, and requesting an extension of his license and filing an inventory of such goods. The clerk shall, after such request, transmit the application to the city council which at its next meeting shall decide whether or not to extend such license for a period of time not to exceed thirty additional days in order for the application to sell those goods left to be sold. If such extension is approved, the applicant shall pay a fee of five dollars per day for each day of the period of the extension. (Ord. M-1879 §2, 1978: Ord. M-980 §4, 1968)