Terminating your parental rights is a bit more complicated than signing them over. There is a court procedure called in many states Termination of Parental Rights. Consult a family law attorney about whether you have grounds for a voluntary termination. Remember that courts would rather that parents pay support for their children rather than have the County pay.
If you sign over rights to be involved with the child or see the child, you still have to pay child support. You only don't have to pay child support if someone else adopts the child and agrees to take over your legal financial responsibility for the child.
Once your rights are terminated, you will no longer have to pay child support. However, any back support owed will still have to be paid unless it is owed to the mother and she is willing to forgive the arrearage.
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