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CITY OF LITTLE CANADA <br />ORDINANCE NO. <br />AN ORDINANCE ADDING SECTION 815.031. TO THE MUNICIPAL CODE OF THE <br />CITY OF LITTLE CANADA, RELATING TO THE COMPUTATION OF NET PROFIT BY <br />CHARITABLE GAMBLING ORGANIZATIONS. <br />THE CITY COUNCIL OF LITTLE CANADA HEREBY ORDAINS AS FOLLOWS: <br />Section 1. <br />815.031. Computation of Net Profits. The City shall calculate the organization's net <br />profits on a calendar year basis, as indicated on Minnesota Department of Revenue, Form G -1, <br />Monthly Lawful Gambling Activity Summary and Tax Return. The City shall have the authority <br />to adjust the organization's annual net profits by deducting from net profits the amount of any <br />reimbursement for negative expense calculation, as indicated on Line 35, Minnesota Department <br />of Revenue, Form G -1, as described above. <br />Section 2. <br />This Ordinance shall take effect and be enforced from and after its passage and <br />publication. <br />PASSED by the City Council of Little Canada this <br />ATTEST: <br />day of , 2004. <br />Michael I. Fahey, Mayor <br />Ayes- <br />Joel R. Hanson, <br />City Administrator Nays- <br />