No license issued as provided in this chapter shall be transferred or assigned. Change in persons having financial interest in a licensed business shall be reported immediately to the city administrator, who shall order an investigation by the police department. The change shall be approved or denied by the council. Applications for a change of financial ownership shall be accompanied by a nonrefundable investigation fee in an amount to be set by council resolution. (Ord. 2013 § 1, 2017; Ord. 1805 § 8, 1993)