Special Assessment: County’s Agreement and Assignment. (1) The County Executive or other officer responsible for proposing the County’s budget to the Board of Supervisors shall propose payments to the CDA to be derived from such Annual Installment in the County’s budget for each fiscal year any Bonds are outstanding; provided, however, that with respect to the Tax Revenue Bonds, any collection and payment of the Annual Installment attributable to the Tax Revenue Bonds from revenues derived from Special Assessments shall be made only to the extent that County Advanced Revenues are not available for such purpose as set forth in paragraph 5(c) herein. The County agrees that so long as the Bonds are outstanding the County will collect the Annual Installment and pay the amounts received thereunder to the Trustee, subject to appropriation each year by the Board. To the extent permitted by law, the County pledges and assigns all of its right, title and interest in the Annual Installment to the CDA, except amounts that may be retained by the County to pay administrative costs, as described in paragraph 5(m) below. The CDA, in turn, will pledge and assign all of its right, title and interest in the Annual Installment, except for amounts segregated for other Costs, to the appropriate Trustee to make debt service payments on the Bonds and, if necessary, to Fully Fund the Tax Revenue Bond DSRF. The County agrees to pay the amounts received from each Annual Installment directly to the Trustee, provided, however, that the County need not pay over to the Trustee any portion of an Annual Installment to be retained by the County to pay its administrative costs as described in paragraph 5(n) below. The Annual Installment assigned to the Trustee by the County includes any payments from foreclosures, less costs of collection, but excludes County administrative costs described in paragraph 5(m) below.
