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King County Parks Property Tax Leery <br />2020-2025 Agreement <br />AGREEMENT <br />Definitions. As used in this Agreement, the following terms shall have the following <br />meanings: <br />A. "Annual Report" shall mean the annual report prepared by the CITY and provided to the <br />County annually by May 31 st beginning in 2021 setting forth a summary of CITY Projects <br />for the preceding year, along with a complete financial accounting for the use of the <br />CITY'S Share, and a listing of all capital investments made at the CITY funded in whole <br />or in part by County Levy Proceeds, and for the 2020 annual report the CITY shall <br />identify the dollar amount of the CITY's Existing Funds. <br />B. "CITY" shall mean the City of 1 t , i State of Washington, <br />and all of its boards, commissions, departments, agencies and other subdivisions. <br />C. "CITY Parks System" shall mean any building or other structure related to parks or <br />recreation, parks, trails, open space, such as natural areas and resource or ecological <br />lands and other parks or recreation property owned or otherwise under the jurisdiction of <br />the CITY. <br />D. "City Proceeds" shall mean eight percent (8%) of the total County Levy Proceeds <br />collected by King County, net the amounts specified and allocated in Ordinance 18890 <br />Sections 4A-D, and any interest earnings on these funds. <br />E. "CITY Projects" shall mean CITY Parks System operations and capital improvement <br />projects consistent with Ordinance 18890. <br />F. "CITY'S Share" shall mean the CITY's proportionate share of the City Proceeds as <br />authorized by Ordinance 1.8890, subject to County Council appropriation. <br />G. "County" shall mean King County, State of Washington, and all of its boards, <br />commissions, departments, agencies and other subdivisions. <br />H. "County Council" shall mean the County Council of King County, State of Washington. <br />"County Levy" means the annual King County property tax levy for park purposes <br />imposed by the King County Council and authorized by Proposition No. 1 Parks Levy <br />that was approved by the County voters on August 6, 2019 and replaced a levy expiring <br />at the end of 2019. <br />J. "County Levy Proceeds" shall mean the principal amount of the County Levy collected <br />by the County. <br />K. "Executive" shall mean the King County Executive or his or her functional successor. <br />L. "Existing funds" shall have the meaning, as defined by RCW 84.55.050. <br />Page 2 of 7 <br />S1 <br />