Common use of Contract with Intergovernmental Agency; Assignment Clause in Contracts

Contract with Intergovernmental Agency; Assignment. The City and the County acknowledge that the Bondholders will rely on the pledges, covenants and obligations created pursuant to all Parts of this Agreement, except for Part V, for the benefit of the Bondholders, and such Parts of this Agreement shall be deemed to be and constitute a contract between the City, the County, the Intergovernmental Agency and the Bondholders upon the issuance of Bonds, on the date of execution hereof by all parties, and the filing of this Agreement in accordance with Section 5 of Part IX hereof. The County and the City hereby authorize the Intergovernmental Agency to pledge and assign each of their respective obligations under this Agreement for the benefit of the Bondholders in the manner as shall be provided by this Agreement and the Bond Resolution, or other resolutions of the Intergovernmental Agency. Part VIII Modification or Amendment