Agenda - 11-20-2012 - 5a - Laserfiche WebLink

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20 1 include a full descriptive report on bus services delivered under the Plan as a part of its annual 2 reports to Orange and DCHC. 3 4 7. The Plan provides that all funding for bus services will be appropriated on the basis 5 of the following percentages: 64%of such funds to CHT, 24%of such funds to TTA, and 12%of 6 such funds to OPT. The use of these bus service funds shall be limited to support of new bus 7 services above and beyond the existing transit system services in place at the time of the 8 adoption of the local option%Z cent sales tax in November, 2012. However, CHT and OPT may 9 use a portion of the bus service funds provided in the Plan to pay for the increased cost of 10 existing bus services during the duration of this Agreement in the manner described below. 11 12 The "CHT Share" shall be a percentage derived by dividing the CHT local expenditures for bus 13 services each year by the total of local expenditures for bus services by both CHT and OPT in 14 that year. The "OPT Share"shall be a percentage derived by dividing the OPT local 15 expenditures for bus services each year by the total of local expenditures for bus services by 16 both CHT and OPT in that year. The respective CHT and OPT local expenditures for bus services 17 in any year shall be based initially upon the audited financial statements for the fiscal year 18 ending June 30, 2011. Local bus services expenditures shall include assigned overhead without 19 any consideration of federal or state financial assistance. The determination of the CHT Share 20 and OPT Share will be made each year thereafter based upon the most recent audited annual 21 local expenditures for bus service by both. 22 23 CHT may use a portion of the bus services funds provided in the Plan up to a maximum amount 24 that equals the CHT Share percentage of the prior year total receipts from the Orange County 25 local vehicle registration fee of$7.00 permitted by Article 52 of NCGS 105. OPT may use a 26 portion of the bus services funds provided in the Plan up to a maximum amount that equals 27 the OPT Share percentage of the prior year total receipts from the Orange County local vehicle 28 registration fee of$7.00 permitted by Article 52 of NCGS 105. 29 30 8. Any change in use of bus service funds in the Plan from support of new services to 31 support of existing services may be made on a temporary or permanent basis and must be 32 agreed to by all the Parties and comply with state law. 33 34 9. Every four years in a manner that coordinates with DCHC's preparation of anew 35 Metropolitan Transportation Plan, and more frequently as reasonably requested by a Party, 36 the full Plan shall be reviewed in detail and assessed for any significant changes to the 37 estimated revenues,to the estimated project or service delivery costs, to project or service 38 priorities therein, to state or federal transit programs or regulations,to success in securing 39 state and federal financial support for the rail and bus projects in the Plan,or any other 40 significant change of circumstance impacting the Plan. This review which shall be conducted as 41 set forth below, and recommended changes to the Plan may be advanced as deemed 42 necessary. 43 44 10.The Parties agree to develop appropriate benchmarks and timeline to evaluate