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32 <br />2. TRANSIT SPECIFIC FUNDING SOURCES: The parties agree that additional <br />funds for transit are needed locally and that new local tax sources of revenue, <br />as allowed by the North Carolina General Assembly, should be pursued. The <br />taxes or fees that should be considered are: <br />a. An additional % cent sales tax for all non-exempted goods sold within <br />Orange County. This source shall require the approval of over 50% of the <br />voters in a referendum to be enacted. <br />b. A new $7.00 vehicle registration fee on all vehicles registered within <br />Orange County, as decided by the Orange County Board of County <br />Commissioners ("BOCC"). <br />c. A$3.00 increase in the existing vehicle registration fee on all vehicles <br />registered within Orange County, This fee would only go into effect if the <br />TTA Board of Trustees approves #he increase. <br />This Agreement incorporates the BRI Plan in full by reference (Attachment 1). <br />The BRI Plan sets forth the sources of `revenue, expected amounts of revenue <br />received over the term of the BRI Plan, the allocation of revenue for bus and rail <br />projects and services, and the lead provider of each service. <br />3. GOVERNANCE: Future decision-making authority regarding the BRI Plan shall <br />lie with the BOCC. The parties agree to abide by the final decisions of the <br />BOCC subje~t #o the terms of this Section. <br />a. The parEies_ agree that the BOCC will receive annual reports by August 1 <br />regarding the status o~ the plan and may evaluate the effectiveness of this <br />Agreement and efficiency and effectiveness of the BRI Plan . The BOCC <br />evaluation will`be based on municipal input, public input, financial health of <br />the BRI Plan, including revenues; expenditures and timing, and the status <br />of transit project implementation. If issues are identified, the Parties to this <br />` Agreement grant the BOCC the power to request special reporting from <br />the service district, the Orange County Transit Plan Partnership, or any <br />transit provider: Qnce special reporting is requested the BOCC may, with <br />a supermajority vote, prohibit the use of Orange County generated local <br />funds untif such time as the identified issue(s) is satisfactorily addressed. <br />b. Any route that is funded with aforesaid revenues befinreen cities or <br />between counties (excepting that portion of Chapel Hill in Durham County <br />and between Chapel Hill and Carrboro) is a decision of the BOCC since <br />the effect of that route has regional significance and the impact on inter- <br />county or intra-county agreements. <br />c. Higher revenues than those projected in the financial model shall be held <br />by TTA in reserve in a separate account for a period of at a minimum finro <br />years. The BOCC may by majority vote, authorize the allocation of <br />additional monies for buses, small capital, or continue to hold the funds in <br />Page 2 of 9 <br />