Upon receipt of the application favorably endorsed as prescribed in Section 8.031, together with the required fee and any past due fees and penalties, the business license program designee shall issue a business license to any applicant desiring to transact or conduct any lawful business within the City, unless the applica-tion is denied pursuant to Section 8.032. Licenses so issued shall be valid for the 12-month period beginning on the first day of doing business in the City and ending on the first day of the anniversary month of the next calendar year.