(a) The Council, by ordinance, shall have power to prescribe the punishment for violations of the Charter and ordinances of the City, but such punishment shall not exceed a fine of three hundred dollars ($300.00) or imprisonment for more than thirty (30) days, or such greater fine or longer imprisonment as may be authorized by law, or both such fine and imprisonment, and costs of prosecution. When a judgment directs that the defendant pay a fine and/or costs and the defendant fails to do so, the defendant shall be imprisoned until the fine and/or costs are satisfied at a rate per day to be determined by ordinance, which cannot exceed one day for every five dollars ($5.00) of the fine and costs, except in cases where the Council by ordinance provides that unpaid fines and costs shall be satisfied in another manner.

(b) Also the Council, by ordinance, may provide for the suspension or revocation by the Court of a permit or license issued by the City when the permittee or licensee is convicted of violating any provision of law or ordinance relating to the privilege, business, profession, trade, other vocation, or thing for which the permit or license was issued, as well as for suspension or revocation thereof otherwise.