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City of <br />Pequot <br />Lakes— <br />AGENDA ITEM #11.2. <br />REPORT TO <br />CITY COUNCIL <br />Date: January 3, 2012 <br />Subject: Annual 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 and American National Bank of Pequot Lakes. <br />Council Action Requested: Council motion to adopt <br />attached resolution appointing Lakes State Bank and <br />American National Bank as the City's official depositories <br />for 2012. <br />