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<br />EL185-67-687630.v1 C-1 <br /> <br />EXHIBIT C <br /> <br />NOTICE OF DEFEASANCE <br /> <br /> <br />GENERAL OBLIGATION SEWER <br />REVENUE BONDS, SERIES 2014B <br />CITY OF ELK RIVER <br />SHERBURNE COUNTY, MINNESOTA <br /> <br /> <br /> NOTICE IS HEREBY GIVEN to the holders of the above-described (the “Bonds”), dated <br />August 21, 2014, and maturing on February 1 of the years and amounts shown below, that <br />U.S. Government Securities have been deposited with Zions Bancorporation, National <br />Association, Chicago, Illinois (the “Escrow Agent”), in an amount sufficient to defease the 2022 <br />through 2035 maturities of such Bonds. Interest on the Bonds will continue to be paid by the <br />City of Elk River, Minnesota, from the revenues pledged in the resolution authorizing the <br />issuance of the Bonds. The outstanding Bonds will be redeemed and prepaid in full on February <br />1, 2022, and are identified below by CUSIP numbers: <br /> <br />Year of Maturity Amount CUSIP <br />2023 $455,000 287407 X88 <br />2024 465,000 287407 X96 <br />2025 480,000 287407 Y20 <br />2026 490,000 287407 Y38 <br />2027 500,000 287407 Y46 <br />2028 520,000 287407 Y53 <br />2029 530,000 287407 Y61 <br />2030 550,000 287407 Y79 <br />2034* 2,395,000 287407 Z37 <br />2035 655,000 287407 Z45 <br /> *Term Bond <br /> <br />Dated: _____________, 2020 <br /> <br />ZIONS BANCORPORATION, NATIONAL <br />ASSOCIATION, as Escrow Agent