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or premises permit, the City Council shall hold a formal review of the licensee's or permit holder's compliance with this Chapter or State Statutes. T'he City Council can also review oraattizatiatal licenses and/or premises permits at anv time at its discretion. Bingo hall licenses are one-year licenses and are reviewed annually. Upon a'Gnding of noncompliance, the City Council may revoke or suspend a bingo hall license, organizational license, ar premises permit. 815.030. REQUIRED CONDITIONS. Each organization conducting lawful gambling within the City shall contribute at least ten percent (10%) of its net profits derived tom lawful gambling in the City to a fund administered and regulated by the City without cosC to flte fund, for disbursement by the City for lawful purposes as defined by Minn. Stat. Sect. 349.12, Subd. 11. The City's use of these funds shall be determined at the time of the adoption of the City's annual budget or at the time of any amendments thereto. Fot• the purposes of this Section, net prvfits are defured as gross profits less reasonable scans actually expended for allowable expenses. Each organization will be required to remit the contribution required tinder this Section to the City for net profits for the preceding month within thirty (30) days of the last day of the preceding month. 815.031. COMPUTATION OF NI"f PROFITS. "I'he City shall calculate the organization's net prollts on a calendar year basis, as indicated on Minnesota Department of Revenue, form G-1, Monthly Lawful Gambling Activity Summary tutd'1 ax Return. The City shall have the authority to adjust the organization's annual net profits by deducting from net profits the amount of any reimbursement for negative expense calculation, as indicated on Line 35, Minnesota Department of Revenue, Foam G-1, as described above. 815.035, LAW ENFORCEMENT" AND ADMINISTRATIVE COSTS. Eifeetive Jattuaty 1, 1992, there shall be imposed a Local gambling tax on all orgauizaiions licensed to conduct lawful gambling within the City. The tax may not exceed three percent (3%) of the organization`s gross profit from gambling activities within the City. Proceeds ofthe tax shall be ptaced in a special fund to be administered by the City Co be utilized solely for the purpose of regulating all gambling activities within the City, including but not limited to, the reimbursement of the City's administrative, legal, law enforcement and consulting costs. 815.040. TRADE AREA. 'T'he LitHe Canada trade area is defined as the corporate boundaries of the City of I:.ittle Canada and the corporate boundaries of each city contiguous to the City ofLittle Canada. Fifty percent (50%) of the net Inro'Cits froth lawfiil gambling conducted within the City ofLittle Canada shall be expended on lawful purposes conducted within the L,ittie Canada trade area. 815.045. GAYIBLING IXEMP'C FROM STATE LICENSING REQUIREMENTS. (A) Urganizatious which conduct lawful gambling which is exempt from state gambling Licensing requirements may conduct such gambling within the City upon receipt of a permiC from the City, except this requirement does noC apply to door prizes, raffles and bingo where total prizes are less than $750.00 in the calendar year. 815-5 6