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7 <br /> (-)K4RVISIXi <br /> Agreement to establish the <br /> EVERETT PARKS & RECREATION FUND <br /> THIS AGREEMENT is entered into between the City of Everett,a Washington municipal <br /> corporation, ("City")and the Greater Everett Community Foundation, a Washington non-profit <br /> corporation recognized as a foundation under the Internal Revenue Code ("the Foundation"). <br /> WHEREAS,the Foundation presently holds money for the benefit of the City's Parks and <br /> Recreation Department, as described in Exhibit A("Existing Funds"); and <br /> WHEREAS,the Foundation and the City would like to memorialize their understandings regarding <br /> the Existing Funds and for future funds given to the Foundation to benefit the City's Parks and <br /> Recreation Department("Parks Department"), including, but not limited to,permanent endowment <br /> and other funds and subsidiary funds; <br /> NOW,THEREFORE,the parties agree as follows: <br /> 1. Establishment. The Everett Parks & Recreation Fund ("Fund") is hereby established as <br /> part of the Greater Everett Community Foundation in accordance with the provisions of this <br /> Agreement. As of the effective date of this Agreement, the Fund consists of the Existing <br /> Funds and its beginning balance is the total balance of the Existing Funds. <br /> 2. Additional Gifts. Gifts, donations and contributions to the Foundation for the benefit of the <br /> Parks Department shall be added to the Fund. The governing board of the Foundation in its <br /> discretion may invest the Fund as part of the Foundation's investment portfolio, or as a <br /> separate portfolio. <br /> 3. Payments and Expenditures Subject to the provisions of Section 8 of this Agreement, the <br /> Foundation shall make payments, reimbursements and expenditures from the Fund in <br /> accordance with Foundation spending policies after consulting with, or receiving the <br /> recommendations of,the Parks Department Director. <br /> 4. Accounting. The Foundation shall separately account for the Fund, including the Existing <br /> Funds and future contributions, gifts and donations. The Foundation shall provide all routine <br /> accounting, as well as reporting to the Secretary of State and Internal Revenue Service <br /> regarding the Fund. <br /> 5. Dissolution Provision. If the Foundation dissolves, its existence terminates, it is no longer <br /> deemed a non-profit corporation under Washington law or it is no longer deemed a <br /> foundation or similar tax-exempt entity to whom donors may make tax deductible <br /> contributions under the Internal Revenue Code, the Fund shall be distributed upon <br /> 24 <br />