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City of Everett <br /> Agreement for the Transfer of Funds from the City of Everett Library <br /> to the Greater Everett Community Foundation <br /> THIS AGREEMENT is made and entered into as of this 4th day of March, 2015, <br /> by and between the CITY OF EVERETT (the "CITY") and GREATER EVERETT <br /> COMMUNITY FOUNDATION ("GECF") for the establishment of terms and conditions <br /> upon the transfer of funds from the City of Everett Library (the "Library") to the GECF. <br /> Whereas, from time to time, the Library receives monetary donations, including <br /> endowed and non-endowed funds, which it desires to transfer to GECF; and <br /> Whereas, the parties agree that having the same set of terms and conditions for <br /> the each fund transferred to GECF will provide consistency and reliability in the <br /> management of the funds; <br /> AGREEMENT <br /> For good and valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged, the City and GECF agree as follows: <br /> 1. Purpose. In the past the City has transferred several funds to GECF. The parties <br /> agree that having one set of terms and conditions under which all funds are <br /> transferred will provide consistency and reliability and avoid confusion caused by <br /> separate funds being transferred under different terms. Therefore this Agreement <br /> sets out the terms and conditions for any and all funds donated to the Library and <br /> transferred to GECF. <br /> 2. Funds. Funds are defined as all monetary donations to the Library, including <br /> endowed or non-endowed donations that the City transfers to GECF. Each donation <br /> is a separate Fund unless the donation is added to an already existing fund in <br /> accordance with Section 6 of this Agreement. Funds do not include donations of <br /> any kind made directly to GECF, whether for the benefit of the Library or not. <br /> 3. Scope. All Funds are subject to this Agreement. <br /> 4. Payments and Expenditures. Subject to the provisions of Section 11 of this <br /> Agreement, payments and expenditures from the Fund will be made based upon <br /> recommendations from the City's Library Board of Directors in accordance with the <br /> restrictions defined for that Fund's payments, if any, and in accordance with GECF's <br /> spending policy. <br /> GECF/Library Agreement 2015 Page 1 of 7 <br />