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City of <br /> Pet ? AGENDA ITEM #3.6 <br /> Lakes -_ <br /> REPORT TO <br /> CITY COUNCIL <br /> Report by: Sandy Peine, City Clerk <br /> Date: April 7, 2015 <br /> Subject: Official Depositories <br /> Report: State Statute requires municipalities to select <br /> official depositories for city funds on an annual basis. The <br /> City's current depositories are Lakes State Bank of Pequot <br /> Lakes, American National Bank of Pequot Lakes, and <br /> Wells Fargo. <br /> Lakes State Bank has recently merged with the First <br /> National Bank of Walker. Due to the merger the name of <br /> Lakes State Bank will be changed to First National Bank <br /> effective April 13, 2015. <br /> Council Action Requested: Council motion to adopt <br /> attached resolution appointing First National Bank as the <br /> City's official depository for 2015. <br />