§ 10-133. Financial interest in bingo.

(a)

With the exception of revenue generated by any business or enterprise for which a special business license is required pursuant to this division, no bingo supplier shall have a financial interest in the conduct of a bingo game operated in the city. A licensee shall be deemed to have a financial interest in the conduct of a bingo game, including but not limited to the following situations:

(1)

The price or cost of bingo supplies is adjusted by the licensee based on the profits, losses or tax-exempt status of any organization licensed under division 1 of this article;

(2)

The licensee absorbs, assumes, shares or otherwise participates in the losses or profits of any bingo game conducted by any organization licensed under division 1 of this article; or

(3)

The licensee maintains an accounts receivable for an organization licensed to conduct bingo games pursuant to division 1 of this article for amounts owed to the bingo supplier for a period that exceeds 30 days from the invoice date or ten days from the statement date, whichever occurs later. For purposes of this subsection, the term "invoice date" is defined as the date of delivery of such supplies, and the term "statement date" is defined as the date within 30 days of the delivery of supplies.

(b)

The licensee, with knowledge that a bingo licensee licensed pursuant to division 1 of this article has not paid its supplier account to any supplier within the required period as provided in subsection (a)(3) of this section, shall not sell or rent supplies to such a bingo licensee until all the bingo licensee's accounts are brought within the time period provided for within subsection (a)(3) of this section.

(Ord. No. 97-01, § 2(4.29.045), 1-2-1997; Ord. No. 97-13, § 2, 3-26-1997; Ord. No. 97-17, § 2, 9-24-1997)