(A) (1) A Municipal Liquor Dispensary Fund is hereby created in which all revenues received from the operation of the Dispensary shall be deposited and from which all ordinary operating expenses shall be paid. Any amounts as may be necessary to borrow from the general fund of the city for initial costs of rent, fixtures and stock or for operating expenses shall be reimbursed to that fund out of the first available monies coming into the Dispensary fund thereafter.
(2) Surpluses accumulating in the Dispensary fund may be transferred to the general fund or to any other appropriate fund of the city by resolution of the Council and expanded for municipal purpose.
(B) The handling of Municipal Liquor Dispensary receipts and disbursements shall comply with the procedure prescribed by law for the receipts and disbursements of the city funds generally.
(C) The Council shall provide as soon as possible following the close of each fiscal year for an audit of the accounts of the Municipal Liquor Dispensary for that fiscal year by the state auditor or a qualified public accountant.
(D) No business other than the sale of a liquor shall be carried on in the Dispensary, except the retail sale of cigars, cigarettes, all forms of tobacco, food, soft drinks and 3.2% malt liquor, both on-sale and off-sale.
(’77 Code, § 602.04) Penalty, see § 10.99