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.