The Liquor Control Board shall apply proceeds derived from the operation of dispensaries first toward the repayment of money loaned to or borrowed by the Liquor Control Board. After repayment under subsection (a) of this section, the Liquor Control Board, subject to the approval of the County Council, may create and maintain a reserve fund to: provide adequate working capital; and cover any losses sustained by the Liquor Control Board in operating the dispensaries. The Liquor Control Board shall pay any remaining net proceeds to the county on January 1, April 1, August 1, and October 1 of each year.