Yes. The interaction with the Rust Foundation is described in the linked RFC.
The Council is responsible for establishing the process for selecting Project directors. The Project directors are the mechanism by which the Rust Project's interests are reflected on the Rust Foundation board.
The Council delegates a purview to the Project directors to represent the Project's interests on the Foundation Board and to make certain decisions on Foundation-related matters. The exact boundaries of that purview are out of scope for this RFC.
The process for choosing the Project Directors is set out in the Foundation's
bylaws, and I don't think an RFC can change that.
The process is that they're elected by the Foundation's Individual Members.
Originally the Individual Members were the same people as the Core Team. I
don't think there's been any public statement about how that will change (or
whether it has changed already). Perhaps the intent is that the members of the
Leadership Council will become the Foundation's Individual Members.