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28 <br /> 1 LEVY OF TRANSIT SALES TAX <br /> 2 <br /> 3 <br /> 4 An INTERGOVERNMENTAL AGREEMENT ("Agreement") dated <br /> 5 between the Research Triangle Regional Public Transportation Authority, d/b/a Triangle Transit <br /> 6 ("TTA"), a three county regional transportation authority organized pursuant to NCGS Chapter <br /> 7 160A et. seq., and Orange County ("County"), a political subdivision of the State of North <br /> 8 Carolina. TTA and the County may be collectively referred to (together the "Parties"). <br /> 9 <br /> 10 WITNESSETH: <br /> 11 <br /> 12 WHEREAS, the County and TTA, have determined that it is in the best interest of <br /> 13 Orange County citizens for them to coordinate the planning, construction and expansion of <br /> 14 public transit services in order to provide efficient and effectively linked transit services to the <br /> 15 residents of, the employees and employers in, and the visitors to the Orange County area; and <br /> 16 <br /> 17 WHEREAS, the Parties have determined that an efficient and effective transit system <br /> 18 is crucial, in concert with other transportation, land use, and economic development initiatives, <br /> 19 to maintain a high quality of life, appropriately to support future development, and to provide <br /> 20 transportation options to the current and future residents, employees and employers of the <br /> 21 Orange County area; and <br /> 22 - <br /> 23 WHEREAS, the Parties understand that new county-wide tax levies authorized by the <br /> 24 North Carolina General Assembly in NCGS Chapter 105, Article 43 ("Article 43") will be paid by <br /> 25 residents and businesses in all locations within the County; and <br /> 26 <br /> 27 WHEREAS, these Article 43 tax levies should be invested to the highest degree <br /> 28 possible so that the return on investment accrues to Orange County's quality of life, tax base, <br /> 29 and retail sales proceeds, which can create long term financial sustainability for public transit; <br /> 30 and <br /> 31 <br /> 32 WHEREAS, this Agreement is entered into pursuant to the authority granted by NCGS <br /> 33 Chapter 160A, Article 20. <br /> 34 <br /> 35 NOW THEREFORE, in consideration of the mutual covenants and assurances <br /> 36 contained herein, and the mutual benefits to result therefrom, the Parties agree as follows <br />