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MEMORANDUM <br /> TO: Pequot Lakes City Council <br /> FROM: Nancy Malecha, Deputy Clerk <br /> SUBJECT: Closing Escrow Account <br /> DATE: May 19, 2005 <br /> I am requesting approval from the City Council to close the escrow checking <br /> account at Lakes State Bank. This checking account was created in 2003. <br /> The escrow checking account was used to deposit monies from land use <br /> permits. The City requires certain deposits from land use permit applicants <br /> if their project requires any street repairs (i.e. driveway culverts, tapping <br /> water or sewer lines). Once the project is complete, any remaining monies <br /> are refunded back to the applicant. <br /> As an efficiency measure, I would like to close the escrow checking account. <br /> I would merge the escrow information with the R&S fund (see attached). <br /> Any future deposits and/or refunds would take place within the R&S fund <br /> and the City's general checking account. <br /> Thank you! <br />