04-09-08 Council Agenda - Laserfiche WebLink

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for an annual financial audit of its lawful gambling activities and funds and for the preparation of monthly reports filed with the Gambling Control Board pursuant to Minn. Stat. Sect. 349.19. The audit must comply with the standards prescribed by the Gambling Control Board and must provide for the reconciliation of the organization's gambling account or accounts with the organization's reports filed under Minn. Stat. Sect. 349.19, Subd. 5 and Minn. Stat. Sect. 349.154. The filing of a copy of the audit submitted to the Gambling Control Board pursuant to Minn. Stat. Sect. 349.19 shall be sufficient to satisfy this requirement if the audit complies with this Section. (E) The organization shall submit an audit by an independent certified public accountant to the City on an annual basis. The audit shall be delivered to the City no later than six (6) months from the end of the organization's fiscal year or the date of filing of the audit with the Gambling Control Board, whichever is sooner. (F) (0) A premises permit approved by the City under this Ordinance may be suspended by the City for violation of Ordinance or revoked for failure to meet the qualifications set up in Sections 815.020 and 815.025, or for a violation of any part of Section 815 of the City's Ordinance, or for a failure to comply, for any reason with any provision, guarantee, or claim made in any applicant's original license application to either the City or the State of Minnesota. No license or permit approved by the City, including any bingo hall license, grants the licensee a property right or entitlement to a license or permit. The City may refuse to issue, renew or may revoke the license or permit for any reason and will not incur liability for any damages including, but not limited to, direct, consequential or incidental damages, deprivation of property, loss of income, loss of profits, or loss of livelihood. (H) The holder of a premises permit or bingo hall license shall notify the City in writing of any change in the information required under Section 815.020 (8) within ten (10) days. As a condition of the approval of a premises permit or bingo hall license, a licensee shall consent to the access by the City to its financial records, and failure to consent to the access of these records shall be grounds for the revocation or suspension of the premises permit or bingo hall license. (1) On or before the one (1) year anniversary of the issuance of an organizational license 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. Bingo hall licenses are one -year licenses and are reviewed annually. Upon a finding of noncompliance, the City Council may revoke or suspend a bingo hall license, organizational license, or 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 from lawful 815 -4 10