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12 <br /> WHEREAS, the Parties are authorized to enter into this Agreement in order to pursue the <br /> above stated goals. <br /> NOW THEREFORE, for and in consideration of the promises and covenants contained in <br /> this Agreement and the mutual benefits derived therefrom, the sufficiency of which is hereby <br /> acknowledged,the Parties agree as follows: <br /> ARTICLE I <br /> PURPOSE <br /> 1.01 Purpose. The purpose of this Agreement is to establish by written agreement the <br /> approval ofthe Financial Plan required pursuant to N.C.G.S. 105-508.1, define the expectations <br /> and duties of the Parties now that Wake County has joined the multi-county Triangle Tax <br /> District and to further document the financial terms and conditions for the implementation of <br /> transit investment, including the Wake County Transit Plan, the equitable use of net proceeds <br /> collected by GoTriangle within any special district to which all Parties of the agreement are a <br /> member, including the Wake County Transit Plan. <br /> This Agreement shall be evidence of the intent between the Parties with respect to the financial <br /> terms and conditions governing the use of transit revenues, including Wake County Tax <br /> Revenues and Wake Transit Plan Revenues and the equitable use of proceeds within and for the <br /> benefit of the Tax District. The execution of this Agreement shall be conclusive evidence that <br /> the Parties have reviewed and approved the Financial Plan as contemplated by N.C.G.S. 105- <br /> 508.1. <br /> ARTICLE II <br /> DEFINITIONS <br /> 2.01 "DURHAM-ORANGE TRANSIT PLAN" shall mean the plan adopted by Durham <br /> County, Orange County, and GoTriangle, currently administered by GoTriangle for the regional <br /> transit systems in Durham County and Orange County. <br /> 2.02 "EQUITABLE USE OF NET PROCEEDS WITHIN OR TO BENEFIT THE SPECIAL <br /> DISTRICT"as that term is used in N.C.G.S. 105-508.1, so long as Wake County is a member of <br /> the multi-county Triangle Tax District shall mean: <br /> A 100% dedication of all Wake County Tax Revenue and Wake Transit Plan Revenues <br /> derived from transit funding sources within the jurisdiction of Wake County or on behalf of <br /> Wake County for the exclusive use and benefit of the Wake County Transit Plan. A 100% <br /> dedication of all Non-Wake County Tax Revenue derived from transit funding sources in <br /> counties other than Wake for the exclusive use and benefit of any other county transit plan within <br /> the Special District, to the exclusion of Wake County. <br /> 5 <br />