Goodhue County Agreement ReConnect Program Grant and Security Agreement 2026-05-19
County Opens Pledged Grant Account at Merchants Bank
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Description
Goodhue County authorized establishing a pledged deposit account at Merchants Bank, N.A. to hold all proceeds of the $3.21 million USDA ReConnect broadband grant. The account will be controlled under federal security agreements and pledged to the United States to secure grant obligations.
Contract Details
Vendor
MERCHANTS BANK N.A.
Agency
Goodhue County, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 19, 2026
Contract Term
For the life of the grant funding and pledged deposit account as required by the Grant and Security Agreement
Renewal Info
The pledged deposit account must be maintained with a first-priority lien in favor of the United States for the duration of the grant funding and associated service obligation; no discrete renewal date is specified, and the relationship continues until RUS releases its security interest.
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