§ 14-99. Charitable gambling fund.

(a)

There is hereby created a city charitable gambling fund, which shall be held for safekeeping by the city in an account separate from any city funds. Such fund shall be deposited in a bank account designated Faribault Charitable Gambling Fund. No expenditures shall be made from such funds except upon resolution by the city council, and then only for "lawful purposes" as defined by Minnesota Statutes Section 349.12, subdivision 25 [1994]. All new fulltime gambling organizations submitting an application for licensure, excluding one-time and tax-exempt organizations, shall be reviewed by the Faribault Charitable Gambling Board and a written recommendation to approve/deny will then be forwarded to the city council.

(b)

Each organization within the city which is licensed by the state to conduct lawful gambling shall contribute five (5) percent of its net profits, as defined by Minnesota Statutes Section 349.213 [1994], to the city charitable gambling fund. Such contribution shall be made on or before the last day of the month following the month that such net profits have been made.

(c)

Each organization within the city which is required to file a monthly financial report and tax return with the charitable gambling control board of the state shall simultaneously file a copy of such report and tax return together with all attached schedules and worksheets with the city administrator, who shall make copies available to the charitable gambling advisory board and the city council.

(Ord. No. 89-01, § 1, 2-28-89; Ord. No. 95-26, § 1, 11-14-95)