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(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 to the fund. The city shall disburse the funds for lawful purposes as defined by M.S. § 349.12 Subd. 25, as it may be amended from time to time.
(B) Payment under this section shall be made on the last day of each month.
(C) The city's use of these funds shall be determined at the time of adoption of the city's annual budget or when the budget is amended.