19-184 - King County - Interlocal Cooperation Agreement for Conservation Futures-Funded Open Space Acquisition Projects

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approval. County approval and County acceptance of the City's match will be transmitted in writing to the City by the County's Designated Representative. Section 6.2 -- Reporting. All proceeds received pursuant to this Agreement and accrued interest therefrom will be accounted for separately from all other City moneys, accounts and moneys. Until the property described in the Project is acquired and all proceeds provided pursuant to this Agreement have been expended, the City shall provide the reports required by K.C.C. 26.12.035. Section 6.3 -- Disposition of Remaining Proceeds. If the City does not expend all proceeds obligated to be provided through this Agreement and no substitute project is requested or approved as to the excess proceeds, such proceeds, if held by the City, shall be refunded to the County. For purposes of this section, "proceeds" shall include all moneys obligated to be provided by the County plus interest accrued by the City on such moneys. Any proceeds in excess of those required to be provided by the County for the actual costs of the Project shall remain with the County for use in its sole discretion. Section 6.4 -- Maintenance in Perpetuity. Except as provided in this Section 6.4,the City, and any successor in interest, agree to maintain properties acquired with proceeds provided pursuant to this Agreement as open space in perpetuity and, as required by the County, to include in the real property records notice of this restriction. Projects carried out by the City in whole or in part with funds provided for under the terms of this Agreement shall not be transferred or conveyed except by Agreement with an agency or nonprofit organization as defined in K.C.C. 26.12.003, which shall provide that the land or interest in land shall be continued to be used for the purposes of K.C.C. 7