(A) Organizations licensed to conduct lawful gambling within the city shall donate 10% of its net profits from the conduct of the lawful gambling to the City Clerk-Treasurer. The donations shall be made to the Madison Lake City Clerk-Treasurer by the twentieth of the month following the end of each quarter. For the purposes of this section, a calendar quarter shall be deemed to the end 11:50 p.m. on the last day of March, June, September, and December.
(B) In addition to the donation required by division (A) above, all organizations conducting lawful gambling within the city, shall spend a minimum of 90% of its net proceeds on lawful purposes, as defined by applicable Minnesota laws and regulations, within the Madison Lake Trade Area, which consists of the city and town of Jamestown and LeRay, within the same calendar year that the proceeds are received by the organization conducting the charitable gambling. Any expenditures made during January of any year may, at the option of the charitable organization, be deemed to have been made in the prior calendar year to the extent necessary to meet the requirements of this subdivision.
(C) For purposes of this section, a raffle shall be deemed to have occurred within the city if the drawing for any of the prizes awarded pursuant to the raffle is held within the city.
(Ord. 214, passed 9-17-2001) Penalty, see § 10.99