The tax on bingo shall be in the amount of gross receipts therefrom, less the amount of money paid in cash or for the merchandise actually awarded as prizes during the taxable period, multiplied by a rate as established by resolution of the city council. (Ord. 88-16 § 5, 1988: Ord. 77-20, 1977: Ord. 75-04 § 3(a), 1975)