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WHEREAS, the Parties have determined that an efficient and effective transit system <br /> is crucial, in concert with other transportation, land use, and economic development initiatives, <br /> to maintain a high quality of life, appropriately to support future development, and to provide <br /> transportation options to the current and future residents, employees and employers of the <br /> Orange County area; and <br /> WHEREAS, the Parties understand that new county-wide tax levies authorized by the <br /> North Carolina General Assembly in NCGS Chapter 105, Article 43 ("Article 43") will be paid by <br /> residents and businesses in all locations within the County; and <br /> WHEREAS, these Article 43 tax levies should be invested to the highest degree <br /> possible so that the return on investment accrues to Orange County's quality of life, tax base, <br /> and retail sales proceeds, which can create long term financial sustainability for public transit; <br /> and <br /> WHEREAS, this Agreement is entered into pursuant to the authority granted by NCGS <br /> Chapter 160A, Article 20. <br /> NOW THEREFORE, in consideration of the mutual covenants and assurances <br /> contained herein, and the mutual benefits to result therefrom, the Parties agree as follows <br />