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• <br />the "Assessments") against certain properties situate in certain unincorporated <br />areas in the northern portion of the County to be serviced by the Project, the <br />owners of which properties have consented thereto in the manner to be set forth <br />herein (the "Assessed Properties"). <br />C. Pursuant to the Intergovernmental Agreement (the "Agreement") <br />between the County and the City, the County desires the City to adopt appropriate <br />resolutions assessing Special Assessments in Lieu of Impact Fees against certain <br />properties situate in the City to be serviced by the Project, similar in form <br />and substance to the Assessments. <br />D. It is in the best interest of the County that the Assessments be <br />levied on the basis of the number of Equivalent Residential Units ("ERUs") <br />attributable to the Assessed Properties. <br />SECTION 3. APPROVAL OF PROJECT. The Project and the Plans and <br />Specifications are hereby approved and adopted. <br />SECTION 4. SPECIAL ASSESSMENTS IN LIEU OF IMPACT FEES. The County <br />shall assess the Assessments against the Assessed Properties in accordance with <br />the Ordinance. The Assessments shall be assessed on the basis of the number ERUs <br />attributable to the Assessed Properties. The Assessments to be levied against <br />the Assessed Properties shall be paid in ten (10) annual installments, together <br />with interest on the outstanding amount of the applicable Assessments at a rate <br />not to exceed two percent (28) above the interest rate on the bonds to be issued <br />by the County in connection with the Assessments. If any installment is not paid <br />when due, the County may declare the entire outstanding amount of the <br />Assessment, together with the accrued interest thereon and an appropriate <br />interest and/or prepayment charge, immediately due and payable. Any Assessment <br />or installment thereof not paid when due shall be subject to a penalty at the <br />2 <br />