08-126 - King County Parks & Recreation - Special Property Tax Levy

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1.8 "County Levy Proceeds" shall mean the principal amount raised by the County Levy, any interest earnings on the funds and the proceeds of any interim financing. 1.9 "Executive" shall mean the King County Executive or his or her functional successor. 1.10 "Existing funds" shall mean those funds, as defined by RCW 84.55.050, from the City's actual operating expenditures for the calendar year 2007 used to fund City projects. Actual operating expenditures shall not include lost federal funds, lost or expired state grants or loans, extraordinary events not likely to re- occur, and major nonrecurring capital expenditures. "Regional trail system" shall mean the system -wide non motorized network of designated off -road, shared -use paths, trails, or greenways for recreation and regional mobility. 2. Term of Agreement. The term of this Agreement (the "Term shall be for a penod commencing on the Effective Date (the "Commencement Date and expiring on December 31, 2014 (the "Termination Date 3. Receipt of County Levv Proceeds. 3.1 Generally. The County shall distribute the City's proportionate share of the City Proceeds to the City pursuant to the schedule identified in Section 3.2 below; provided that, the County shall only have a duty to distribute the City Proceeds in accordance with the requirements of King County Ordinance 15760. 3.2 Receipt and Distribution of Levv Proceeds. 3.2.1 Payment Schedule. Throughout the term of the Levy, the County shall transfer the City Proceeds to the City on a monthly basis. Annual amounts shall be adjusted as set forth in the Levy, but the actual amounts transferred shall never exceed the City's proportionate share of the City Proceeds actually received by the County. 3.2.2 Administrative Fee. The Parties agree that the County has authority to deduct up to one percent (1 from City Proceeds for expenditures related to the administration of the distribution of County Levy Proceeds. 3