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These changes as presented were reviewed with the compliance division of the Gambling Control <br />Board by Bill Goodrich and myself. The Board indicated that the manner in which we propose to <br />regulate lawful gambling and collect a percentage of net profits are acceptable methods under State <br />Statutes. <br /> <br />The percentage being proposed at this time is three percent (3%) of net profits. We do have the <br />option to go as high as ten percent (10%) under this section of the State Statutes. A resolution will <br />be presented to adopt the specified percentage at a meeting prior to the effective date of the <br />ordinance. <br /> <br />Staff Recommendation: <br /> <br />Hold public hearing introducing an Ordinance amending Chapter 7, Section 7.61 entitled "Lawful <br />Gambling" of the City Code and approve the first reading of such based on the Finance <br />Committees review and recommendations. <br /> <br />Council Action: <br /> <br />Hold the public hearing introducing an Ordinance amending Chapter 7, Section 7.61 entitled <br />"Lawful Gambling" of the City Code and approve the first reading of such. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br />City Attorney <br /> <br />CC: 05~10/94 <br /> <br /> <br />