(A) Pursuant to M.S. § 349.213, Subd. 1(a), as it may be amended from time to time, there is hereby created the City Gambling Fund, which shall be administered and regulated, without cost to the Fund, and held for safekeeping by the city in an account separate from any city funds. Such funds shall be deposited in a bank account designated “Dayton Gambling Fund” and no expenditures shall be made from such Fund, except upon resolution by the City Council. At the time of adoption of the city’s annual budget, or at the time of amendments thereto, the City Council shall adopt said resolution listing all lawful purposes for which the funds may be expended.
(B) (1)
Each gambling organization within the city which is licensed by the state to conduct lawful gambling shall contribute 10% of its yearly net profits to the City Gambling Fund. Such contribution shall be made on a quarterly basis and shall be received by the City Administrator on or before the twentieth day following the quarter in which the net profits have been earned.
(2) If an organization certifies to the city that at least 10% of its net profits have been expended in the city, this satisfies the 10% contribution to the City's Gambling Fund.
(C) The City Administrator shall be responsible for the collection of contributions to the City Gambling Fund. The City Attorney may initiate appropriate actions to collect a contribution or any deficiency not paid when due.
(Ord. 2002-3, passed 2-26-2002; Ord. 2020-02, passed 2-11-2020)