All license fees and initial license expense shall be payable in advance, and at the time the application for the license is made. Every license shall expire on December 31 following its issuance, except the Class F license which shall expire on the date therein specified. Subject to the initial license expense required under Section 7-4-8 of this Chapter, if application is made after January 1 in any year for a new retail liquor license, the sum required to be paid for the license for the balance of said license year shall bear the same ratio to the sum required for the full year that the number of months remaining, including the month of such application, bears to the whole number of months in the license year, but in no instance shall the adjusted license fee be less than one-half (1/2) of the total applicable license fee. All fees shall be paid to the office of the Village President. In the event a license is not issued, any license fees paid with an application, except the initial license expense as required in Section 7-4-8 hereof, shall be refunded to an applicant. All license fees collected by the Village President shall be forthwith paid to the Village Treasurer and the Village President shall keep a record of all licenses issued.