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(G) 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. On or before the one (1) year anniversary of the issuance of a premises permit or bingo hall license, the City Council shall hold a formal review of the licensee's or permit holder's compliance with this Chapter or State Statutes. Upon a finding of noncompliance, the City Council may revoke or suspend a bingo hall 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 gambling in the City to a fund administered and regulated by the City without cost to the 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. For the purposes of this Section, net profits are defined as gross profits less reasonable sums actually expended for allowable expenses. Each organization will be required to remit the contribution required under this Section to the City for net profits for the preceding month within thirty (30) days of the last day of the preceding month. (I) 815.035. LAW ENFORCEMENT AND ADMINISTRATIVE COSTS. Effective January 1, 1992, there shall be imposed a local gambling tax on all organizations 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 of the tax shall be placed in a special fund to be administered by the City to 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 PAGE 5