During 1997 and each year thereafter, each organization conducting lawful gambling in the city shall contribute not less than 10% of the net profits from its gambling operations in the city to locally administered programs or organizations directly benefitting youth or senior citizens of the city, or both, or to charitable organizations which are exempt from the payment of federal income taxes under Internal Revenue Code, § 501(c)(3) and which have their principal registered offices in the city. On or before February 2, 1998, and on or before the second day of February of each year thereafter, each organization conducting gambling within the city during the next preceding year shall file with the City Administrator a report of the annual disposition of gambling funds.
(1998 Code, § 9.08, Subd. 3) (Ord. 76, 5th Series, eff. 2-19-1997)