An operating agreement under § 35-4-19 shall include: (1) The manager is responsible for all operating expenses, including taxes, insurance, and license fees, if any; (2) The manager may dispense only alcoholic beverages supplied by the municipal off-sale establishment; (3) The agreement shall be for a period not to exceed five years with the provision of one extension also not to exceed five years in the discretion of the governing body; (4) The agreement may be canceled by ninety days' written notice by either party; (5) The manager shall pay for all alcoholic beverages supplied by the municipal off-sale establishment, the actual cost price, the transportation charges and markup, and any additional compensation or fee as may be mutually agreed upon by both parties; (6) A complete and detailed record shall be maintained by the municipality of all alcoholic beverages supplied the on-sale manager. All alcoholic beverages shall be evidenced by prenumbered invoices prepared in triplicate showing the date, quantity, brand, size, and actual cost as set forth in subdivision (5) of this section. The invoices shall bear the signature of the on-sale manager or the manager's authorized representative. One copy of the invoice shall be retained by the off-sale establishment, one copy shall be retained by the on-sale establishment, and one copy shall be filed with the municipal auditor or clerk. All copies shall be kept as permanent records and made available for reference and audit purposes.
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