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Section 7.AM!AataiageltinietnEt-_oMf_Seattle Southside <br />R MIt-lirelnents. <br />(a) The Legislative Authority shall contract with the SSRTA pursuant to one or <br />more Operating Agreements liar the management and operation of the Seattle Southside TPA, <br />(b) The Parties hereto acknowledge and agree that SeaTac, is chartering the SSR'FA <br />for the purpose of serving as a separate legal entity formed to advise and in ake recon-imendations, <br />to the I-egislative Authority on all matters related to the Seattle Southside TPA and to carry out <br />its purposes as set forth in its formation documents. The Parties agree to execute agreements <br />with the SSRTA f'or tourism prornotion services and for the transfer of assets, equipment, and <br />intellectual property (including the SSVS "brand") used by SSVS to accomplish the purposes of <br />the SSRTA, as determined to be necessary by the SSRTA to accomplish its purposes, The <br />Parties hereto agree to use best efforts to assist in the transition of such services, assets, <br />equipment, and property at no cost to the SSRTA. <br />(c) SSRTA shall be responsible for administering the activities and programs of the: <br />Seattle Southside'TPA and preparing an Annual Budget for the Seattle Southside TPA. <br />(d) The Legislative Authority shall. approve an Annual Budget for the use of Special <br />Assessments and shall provide as copy of the Annual Budget to the Parties hereto. The Annual <br />Budget shall consist of - <br />I . A list of the Lodging Businesses subject to Special Assessments and an <br />estimate of the revenue to be received from all such Lodging Businesses; and <br />2. A statement of the proposed budget for all Seattle Southside TPA <br />activities and programs to be funded from Special Assessments during the ensuing fiscal year. <br />(e) SSRTA, as manager of the Seattle Southside 'I I PA, shall agree to comply with all <br />applicable provisions of state and federal law, including but not limited to, the TPA Act, and <br />with all applicable county or city resolutions and ordinances, and with all regulations lawfully <br />imposed by the State Auditor or other state agencies, and the applicable provisions of this <br />Agreement. <br />(0 All Special Assessments received by ScaTac, as fiscal agent for the Seattle <br />Southside TPA, from the State Department of Revenue and any interest thereon shall be <br />deposited by SeaTac in as special account and thereafter transferred to SSRTA within thirty days <br />following receipt. Provided, however, no Special Assessment shall be transferred in any fiscal <br />year until after the adoption of that year's fiscal Annual Budget, <br />W Legislative Authority shall submit a statement Of actual reveiiiies and <br />expenditures to the SSI FA Board of Directors and the Parties hereto, <br />I <br />121 <br />