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21 <br /> agreement dated May 15,2012 which allocates the shares of capital and operating expenses for <br /> the LRT rail project set forth in the Plan,and that Cost Sharing agreement is incorporated into <br /> this Agreement in full and as it may be amended from time to time by reference., <br /> 4. TTA agrees to provide reports to Orange and DCHC on the progress achieved <br /> toward implementation of the Plan and any substantial developments in revenues received, <br /> project or service cost experienced,or other pertinent factors under the Plan on an annual <br /> basis on or before November 1"of each year and as otherwise reasonably requested. <br /> S. TTA shall work with the Chapel Hill Transit(CHT),Orange Public Transit("OPT ), and <br /> any other Orange County bus transit service provider named in the Plan to develop the process <br /> for distribution of funds for bus services each year on a quarterly basis or as otherwise agreed. <br /> For purposes of this Agreement the term'bus services"shall include both-fixed route and <br /> demand response services. As is consistent with the revenues received and the other transit <br /> priorities under the Plan,TTA will provide estimated quarterly payments to the bus service <br /> providers for service provided with a reconciliation based upon actual expenses incurred by <br /> each provider on a subsequent quarterly basis or as otherwise agreed to. <br /> 6. All bus service providers receiving funding under the Plan will provide an annual <br /> financial report on existing bus services,their recommendations for new or continuing service <br /> priorities,their actual or expected costs and ridership information as reasonably requested to <br /> TTA on an annual basis or as otherwise agreed to. It shall be the responsibility of TTA to <br /> provide oversight of the new,enhanced or sustained bus services under the Plan to insure <br /> compliance with the Intermodal Act requirements. All other legal requirements under federal <br /> and state law shall be the responsibility of the respective bus service provider. TTA shall <br /> include a full descriptive report on bus services delivered under the Plan as a part of its annual <br /> reports to Orange and DCHC. <br /> 7. The Plan provides that all funding for bus services will be appropriated on the basis <br /> of the-following percentages: 64%of such funds to CHL 24%of such funds to TTA,and 12%of <br /> such-funds to OPT. The use of these bus service funds shall be limited to support of new bus <br /> services above and beyond the existing transit system services in place at the time of the <br /> adoption of the local option%cent sales tax in November,2012. However,CHT and OPT may <br /> use a portion of the bus service funds provided in the Plan to pay for the increased cost of <br /> existing bus services during the duration of this Agreement in the manner described below. <br /> The"CHT Share shall be a percentage derived by dividing the CHT local expenditures for bus <br /> services each year by the total of local expenditures for bus services by both CHT and OPT in <br /> that year. The"OPT Share"shall be a percentage derived by dividing the OPT local <br /> expenditures for bus services each year by the total of local expenditures for bus services by <br /> both CHT and OPT in that year. The respective CHT and OPT local expenditures for bus services <br /> in any year shall be based initially upon the audited financial statements for the fiscal year <br /> ending June 30,2011. Local bus services expenditures shall include assigned overhead without <br /> any consideration of federal or state financial assistance. The determination of the CHT Share <br /> Page 12 <br />