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INTERLOCAL AGREEMENT ON TRANSIT FUNDING FOR WAKE COUNTY <br /> Updated Draft <br /> November 01, 2011 <br /> 1.APPROVAL OF THE TRANSIT PLAN: The parties to this agreement understand, support and <br /> agree with the Wake County Transit Plan dated . The plan details the bus service <br /> expansion strategy, the local rail priorities, governance structure, and the financial <br /> implementation plan. <br /> 2.TRANSIT SPECIFIC FUNDING SOURCES: The parties agree that additional funds for transit are <br /> needed locally and that new local tax sources of revenue, as allowed;by the North Carolina <br /> General Assembly,should be pursued. The type:of taxes that should be considered are: <br /> a. An additional %:cent sales tax for all non-exempted goods sold within Wake County. This <br /> source shall require the approval of over 50%of the voters in a referendum to be <br /> enacted. <br /> b. A new$7.00 vehicle registration fee on all vehicles registered within Wake County. <br /> c. A$3.00 increase in the existing vehicle registration fee on all vehicles registered within <br /> Wake County. This fee would only go into effect if Triangle Transit Board of Trustees <br /> approve the increase. <br /> 3. GOVERNANCE: The parties agree to assign future decision-making authority on the Wake <br /> County Transit Plan to the Governing Board of the Capital Area Metropolitan Planning <br /> Organization (The Transportation Advisory Committee). The parties agree to abide by the final <br /> decisions of this agency. <br /> a. Information on major votes related to the Wake County Transit Plan and the Wake <br /> County local transit tax revenue shall be distributed to all parties at least 45 days prior to <br /> decision-making. Votes related to funding sources, investment priorities, and financial <br /> bonding shall be considered major votes. <br /> b. Elected officials representing any of the parties may request a "directed vote"from their <br /> Governing Board representative. When this type of vote is requested the representative <br /> may only vote in the way directed by a majority vote of the elected body. <br /> c. All proposed changes to the Wake County Area Transit Plan shall be routed through the <br /> Capital Area Metropolitan Planning Organizations standard plan modification procedure. <br /> This procedure shall include review by the Transportation Coordinating Committee, <br /> applicable public outreach, a public comment period and public hearing. <br /> PROPOSED ELEMENTS Draft 10_10_2011 Page 1 <br />