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Generic GO Bond Proceeds Contract # 242255 / PO # 3-246339 Ver – 10/26/20 Grant Agreement for Program Construction Grants General Obligation Bond Proceeds Grant Agreement – Construction Grant for the City of Pequot Lakes Shade Tree Project under the MN Natural Resources Shade Tree Program THIS AGREEMENT shall be effective as of February 6, 2024, and is between City of Pequot Lakes, a Statutory City - Plan A (the “Public Entity”), and the Minnesota Department of Natural Resources, Division of Forestry (the “State Entity”). RECITALS A.The State Entity has created and is operating a MN Natural Resources Shade Tree (the “State Program”) under the authority granted by Minn. Stat. § 88.82 and all rules related to such legislation (the “State Program Enabling Legislation”). B.Under the State Program, the State Entity is authorized to provide grants that are funded with proceeds of state general obligation bonds authorized to be issued under Article XI, § 5(a) of the Minnesota Constitution. C.Under the State Program the recipients of a grant must use such funds to perform those functions delineated in the State Program Enabling Legislation. D.The Public Entity submitted, if applicable, a grant application to the State Entity in which the Public Entity requests a grant from the State Program the proceeds of which will be used for the purposes delineated in such grant application. E.The Public Entity has applied to and been selected by the State Entity for a receipt of a grant from the State Program in an amount of $ 25,000.00, Twenty-Five Thousand Dollars (the “Program Grant”), the proceeds must be used by the Public Entity to perform those functions and activities imposed by the State Entity under the State Program and, if applicable, delineated in that certain grant application (the “Grant Application”) attached hereto as Attachment V that the Public Entity submitted to the State Entity. F.Under the provisions contained in Minnesota Statute §412.221, the Public Entity has been given the authority to perform those functions and activities required of it under the State Program and, if applicable, delineated in the Grant. G.The Public Entity’s receipt and use of the Program Grant to acquire an ownership interest in and/or improve real property (the “Real Property”) and, if applicable, structures situated thereon (the “Facility”) will cause the Public Entity’s ownership interest in all of such real property and structures to become “state bond financed property”, as such term is used in Minn. Stat. § DocuSign Envelope ID: 29DBC2D4-A2F2-444E-B71D-02719EA430EB