(A) Each organization licensed to conduct lawful gambling within the city pursuant to M.S. § 349.16, as it may be amended from time to time, shall contribute 10% of its net profits derived from lawful gambling in the city to a fund administered and regulated by the city without cost in the fund.
(B) Payment under this section shall be made annually on or before March 1 for the prior calendar year, and shall be submitted together with verifiable supporting documentation.
(C) The city shall disburse the funds for charitable contributions as defined by M.S. § 349.12, subd. 7a, as it may be amended from to time.
(D) The city must, by March 15 of each year, file a report with the Board that lists all such revenues collected, interest received on fund balances and expenditures for the previous calendar year and must acknowledge financial contributions of organizations conducting lawful gambling to the community and to the recipients of the funds.
(Ord. 965, passed 08-26-2019)