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would be issued by Blaine and would be general obligations of that City. Each City's share of the debt service on such bonds, or on any other obligations issued pursuant to this Agreement, shall from year to year equal that City's Formula percentage for that year multiplied by the total amount of the debt service due on such obligations in said year. No bonds shall be issued or other capital costs incurred under this Agreement without the majority consent and approval of the Cities, as described in paragraph III (F) above. The annual budget for fire protection services to the Cities under this Agreement shall be presented for review and approval to each of the City Councils; provided, however, that in making all decision under tis Agreement, including those described above, the Administrative Committee shall make recommendations (H) Duration of Agreement. This Agreement shall remain in effect for an indefinite term. (I) Termination of Agreement. This agreement shall be terminated within one year after the City Council of one of the Cities notifies the other Cities by resolution of its intent to withdraw from participating in this Joint Powers Agreement. The notice of intent to withdraw must be given one year in advance of the proposed termination date. Upon receipt of a notice of intent to withdraw, the Administrative Committee shall make all the necessary arrangements to sell or dispose of the firefighting equipment and land or buildings acquired pursuant to this Joint Powers Agreement. The Cities shall obtain an appraisal of the firefighting equipment and land and buildings acquired pursuant to this Joint Powers Agreement to determine the depreciated value of the Property. If the Cities cannot agree on the appointment of an appraiser, the Chief Judge of the Tenth Judicial District shall appoint the appraiser. The appraised assets shall be disposed of in the following priority: In the event that the remaining two cities intend to continue to participate in this Agreement, the remaining Cities would purchase the interest of the withdrawing City and proportionately share the cost of purchase. For example, if Spring Lake Park withdrew, Blaine's current ownership interest is 64.36% and Mounds View's is 22.08%. Therefore, Blaine would be responsible for 64.36/86.44; or 74.46% of the purchase, and Mounds View would be responsible for 22.08/86.44; or the remaining 25.54% of the buyout. The remaining Cities shall, within 90 days of the date of the termination of this Agreement, or pursuant to a mutually agreed upon payment schedule, pay the withdrawing City its share of the appraised value of the Property. 2. If one City withdraws and either of the remaining Cities does not wish to participate in the purchase of the withdrawing City's share as described in paragraph 1, the failure to participate shall be an election by that City to also withdraw. The remaining City can then either elect to liquidate the property, or elect to purchase the share of the withdrawing Cities. In the event of a purchase, the remaining City shall, within 90 days of the date of termination of this Agreement, or pursuant to the mutually agreed upon payment schedule, pay the withdrawing Cities their share of the appraised value of the Property. JPA — Blaine/Mounds View/Spring Lake Park Page 3 of 6