(A) There is hereby created a Charitable Gambling Fund, which shall be held for safekeeping by the city in an account separate from any city funds. Those funds shall be deposited in a bank account designated “Glenwood Charitable Gambling Fund”. No expenditures shall be made from any such fund except upon resolution by the City Commission, and then only for “lawful purposes” as defined by M.S. § 349.12, Subd. 25, as it may be amended from time to time.
(B) Each organization within the city which is licensed by the state to conduct lawful gambling shall contribute 10% of its net profit as defined by M.S. § 349.213, as it may be amended from time to time, to the Glenwood Charitable Gambling Fund.
(Ord. 47, passed - -1996)