Minutes 10-02-2012 - Laserfiche WebLink

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providers for service provided with a reconciliation based upon actual expenses incurred by each provider on a subsequent quarterly basis or as otherwise agreed to. 6. All bus service providers receiving funding under the Plan will provide an annual financial report on existing bus services, their recommendations for new or continuing service priorities, their actual or expected costs and ridership information as reasonably requested to TTA on an annual basis or as otherwise agreed to. It shall be the responsibility of TTA to provide oversight of the new, enhanced or sustained bus services under the Plan to insure compliance with the Intermodal Act requirements. All other legal requirements under federal and state law shall be the responsibility of the respective bus service provider. TTA shall include a full descriptive report on bus services delivered under the Plan as a part of its annual reports to Orange and DCHC. 7. The Plan provides that all funding for bus services will be appropriated on the basis of the following percentages: 64% of such funds to CHT, 24% of such funds to TTA, and 12% of such funds to OPT. The use of these bus service funds shall be limited to support of new bus services above and beyond the existing transit system services in place at the time of the adoption of the local option %z cent sales tax in November, 2012. However, CHT and OPT may use a portion of the bus service funds provided in the Plan to pay for the increased cost of existing bus services during the duration of this Agreement in the manner described below. The "CHT Share" shall be a percentage derived by dividing the CHT local expenditures for bus services each year by the total of local expenditures for bus services by both CHT and OPT in that year. The "OPT Share" shall be a percentage derived by dividing the OPT local expenditures for bus services each year by the total of local expenditures for bus services by both CHT and OPT in that year. The respective CHT and OPT local expenditures for bus services in any year shall be based initially upon the audited financial statements for the fiscal year ending June 30, 2011. Local bus services expenditures shall include assigned overhead without any consideration of federal or state financial assistance. The determination of the CHT Share and OPT Share will be made each year thereafter based upon the most recent audited annual local expenditures for bus service by both. CHT may use a portion of the bus services funds provided in the Plan up to a maximum amount that equals the CHT Share percentage of the prior year total receipts from the Orange County local vehicle registration fee of$7.00 permitted by Article 52 of NCGS 105. OPT may use a portion of the bus services funds provided in the Plan up to a maximum amount that equals the OPT Share percentage of the prior year total receipts from the Orange County local vehicle registration fee of$7.00 permitted by Article 52 of NCGS 105. 8. Any change in use of bus service funds in the Plan from support of new services to support of existing services may be made on a temporary or permanent basis and must be agreed to by all the Parties and comply with state law. 9. Every four years in a manner that coordinates with DCHC's preparation of a new