(A)   No such liquor license shall be revoked or suspended, except after a public hearing before the Liquor Control Commissioner. The Liquor Control Commissioner shall give written notice to the licensee, not less than three days prior to the hearing, affording the licensee an opportunity to appear and defend or otherwise answer.
   (B)   The Liquor Control Commissioner shall, within five days after such hearing, if he or she determines that the license should be revoked or suspended, state the reason or reasons for such determination in a written order of revocation or suspension and shall serve a copy of such order upon the licensee within five days. The corporate authorities prescribe that an appeal from a decision of the Local Liquor Commissioner of the village shall be limited to review of the official record of the proceedings of such Local Liquor Control Commissioner.
   (C)   In the event that a hearing takes place and an appeal from that hearing is filed, the Local Liquor Control Commissioner shall require that a certified official copy of the proceedings, taken and prepared by a certified court reporter or a certified shorthand reporter, shall be filed within five days after notice of the filing of such appeal. The review by the State Liquor Control Commission shall be limited to and based upon the transcript so filed. No new or additional evidence shall be admitted or considered.
   (D)   In the event the appeal is from an order of the Liquor Control Commissioner denying a renewal application, the licensee shall have on deposit with the village an amount sufficient to cover the license fee for the renewal period and the certificate of dram shop insurance as required by this code.