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EXHIBIT C <br />ACKNOWLEDGMENT <br />The undersigned, being duly authorized to execute this acknowledgment on behalf of <br />U.S. Bank National Association (the "Escrow Agent "), as Escrow Agent, hereby acknowledges <br />that the City of Ramsey, Minnesota (the "City "), has this date irrevocably deposited with the <br />Escrow Agent in trust for the security of the holders and owners of the Public Project Lease <br />g Y <br />Revenue Bonds, Series 2005A (City of Ramsey, Minnesota Lease Obligation) of the Economic <br />Development Authority of the City of Ramsey, Minnesota (the "EDA "), dated June 1, 2005, a <br />the date of original issue, that certain Escrow Deposit required to be deposited with the Escrow. <br />Agent at the Bond Closing in accordance with the Escrow Agreement, dated June 7, 2012, by <br />and between the Escrow Agent, the EDA and the City; and the city has in addition deposited <br />$o.00 to pay a portion of the Issuance Expenses set forth on Exhibit B to the Escrow Agreement. <br />Dated: June 7, 2012. <br />4546551v1 <br />G-1 <br />U.S. BANK NATIONAL ASSOCIATION <br />By <br />Its <br />