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JOINT POWERS AGREEMENT PROVIDING FOR THE ISSUANCE OF NURSING HOME REVENUE BONDS UNDER MINNESOTA STATUTES, SECTIONS 469.152 THROUGH 469.165 TO FINANCE PROJECTS ON BEHALF OF THE LONG TERM CARE FOUNDATION This AGREEMENT is entered into as of the day of , 1990 between the City of Minneapolis, Minnesota, ("Minneapolis") and the cities listed in Schedule I attached hereto (the "Cities"). 1. Statement of Purpose and Powers to be Exercised. 1.1. Under Minnesota Statutes, Section 469.152 through 469.165, cited as the "Municipal Industrial Development Act" (the "Act"), Minneapolis and each of the Cities is authorized to (i) issue its revenue bonds to finance properties, real or personal, whether or not now in existence, used or useful in connection with a revenue producing enterprise, including revenue producing enterprises whether or not operated for profit, engaged in providing health care services, including nursing homes, and (ii) enter into and perform contracts and agreements with other cities concerning planning, purchase, acquisition and financing of a project and whereby one city issues its revenue bonds in behalf of one or more other cities. 1.2. The Act recites that the welfare of the State requires the active promotion, attraction, èncouragement and development of economically sound industry and commerce to prevent, as far as possible, the emergence of blight and areas of chronic unemployment and to prevent economic deterioration and that the welfare of the State requires adequate health care facilities so that adequate health care services are available to residents of the state at reasonable cost. 1.3. The Long Term Care Foundation, a Tennessee nonprofit corporation (the "Borrower"), has proposed that Minneapolis and the Cities enter into a joint powers agreement under Minnesota Statutes, Section 471.59 and the Act, pursuant to which Minneapolis, acting for and on behalf of itself and the Cities will issue a series of revenue bonds in an amount not in excess of $43,000,000 (the "Revenue Bonds") and loan the proceeds thereof to the Borrower to finance the costs of the Projects shown on Schedule II attached hereto.