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C. The NSCF shall follow the recommendation of the DAB to the extent <br /> possible and appropriate, so long as the charitable use is a qualified <br /> exempt purpose under the Internal Revenue Code, is of primary benefit to <br /> the community of Roseville, and is in accordance with lawful purposes of <br /> Minnesota State gambling statutes. <br /> 4. Unless agreed to otherwise, the NSCF shall <br /> A. Continue to meet full IRS requirements for a tax-exempt foundation. <br /> B. Provide administration including legally required reports, proper banking <br /> and investment, administrative controls and an annual independent audit. <br /> C. Invest no less than 75% of the Fund's endowment and other available <br /> funds in investments as permitted under M.S-475.66 Minnesota law. <br /> D. Provide administrative ever-site oversight to the DAB. <br /> E. Provide quarterly or other such reports to be made to the City Council, <br /> including participating in an annual meeting with the Council, upon <br /> request. <br /> 5. If the DAB does not recommend allocation of the monies from this Fund to the <br /> NSCF by within 90 days after the close of the NSCF's fiscal year, the NSCF <br /> reserves the right to distribute any unallocated funds. All eligible funds must be <br /> allocated by the NSCF within 120 days after the close of the NSCF's fiscal year <br /> 6. The NSCF shall be paid an administrative fee in accordance with the policies <br /> adopted by the NSCF as amended from time to time. <br /> A. Such fees shall not te-exceed three percent (3%) per annum on the first <br /> S-5005000700-of all Fund assets, °. . . - .. . . _ . _ e• e . e <br /> plus 1% of all grants paid from the Fund. Asset value shall be based on <br /> the average of the annual market value computed on a quarterly basis. <br /> B. .. ., _ <br /> C. The Fund shall provide for any legal fees incurred as a result of any action <br /> filed against the Directors acting in their capacity as Directors, or against <br /> the members of the DAB acting in their advisory role. <br /> 7. The NSCF may commingle the assets of the Fund with the assets of any other <br /> fund or funds which the NSCF holds and administers, provided that the separate <br /> 2 <br />