04-22-1998 Council Agenda - Laserfiche WebLink

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HF2920 FIRST ENGROSSMENT (REVISOR ] MS H2920 -1 1 sale of pull -tabs. 2 Sec. 5. Minnesota Statutes 1996, section 349.19, 3 subdivision 3, is amended to read: 4 Subd. 3. (EXPENDITURES.] (a) All expenditures of gross 5 profits from lawful gambling must be itemized as to payee, 6 purpose, amount, and date of payment, and must be in compliance 7 with section 349.154. Authorization of the expenditures must be 8 recorded in the monthly meeting minutes of the licensed 9 organization. Checks for expenditures of gross profits must be 10 signed by at least two persons authorized by board rules to sign 11 the checks. Expenditures of gross profits from lawful gambling 12 for local, state, and federal taxes as identified in section 13 349.12, subdivision 25, paragraph (a), clause (8), may be: (1) 14 transferred electronically from the organization's gambling 15 account directly to bank accounts identified by local, state, or 16 federal agencies if the organization's gambling account monthly 17 bank statement specifically identifies the payee by name, the 18 amount transferred, the account number of the account into which 19 the funds were transferred, and the date of the transaction; or 20 (2) transferred electronically to and from the account of a 21 payroll processing firm that meets the criteria for such a firm 22 established under section 349.168, subdivision 6. Expenditures 23 of gross profits from lawful gambling as authorized by section 24 349.15, subdivision 1, for utility payments may be transferred 25 electronically from the organization's gambling account directly 26 to bank accounts identified by the utility vendor if the 27 organization's gambling account monthly bank statement 28 specifically identifies the payee by name, the amount 29 transferred, the account number of the account into which the 30 funds were transferred, and the date of the transaction. 31 Electronic payments of local, state, and federal taxes and 32 utility payments are permitted only if they have been authorized 33 by the membership, the organization maintains supporting 34 documentation, and the expenditures can be verified. 35 (b) Expenditures authorized by the board according to 36 section 349.12, subdivision 25, paragraph (b), clause (3), must Section 5 Page 102