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15 <br /> federal or state funds,debt proceeds, fares,local contributions, and other sources of revenue used <br /> to.fund the Wake County Transit Plan. <br /> 2.14 "WAKE COUNTY TRANSIT WORK PLAN"or"WAKE TRANSIT WORK PLAN" <br /> shall mean the comprehensive plan for transit capital and operations in Wake County presented <br /> by the TPAC which shall include all of the separate components of: <br /> a. Annual Operating Budget Ordinance. This shall be supplied for the Wake <br /> Transit major operating fund which will appropriate funds for the operation and <br /> administration of transit projects as well as for any other agencies involved in producing <br /> products for TPAC review; <br /> b. Annual Tax District administration budget for the Wake Transit major operating <br /> and capital fund; <br /> c. Multi-Year Capital Improvement Plan(CIP)supplied for the Wake Transit major <br /> capital fund that clearly identifies specific projects,project sponsors responsible for <br /> undertaking those projects, project funding sources,and project expenditures. (NOTE: <br /> The Multi-year CIP shall be updated annually to coincide with the annual capital budget <br /> always being the first year of appropriation of funding for capital projects identified in <br /> the CIP.The Multi-year CIP shall be coordinated with the Metropolitan Transportation <br /> Plan, Transportation Improvement Program, and annual program of projects developed <br /> and maintained by the Raleigh Urbanized Area designated recipient of federal formula <br /> transit grants so as to be consistent with submittal deadlines for the final horizon year of <br /> both the Transportation Improvement Program and Metropolitan Transportation Plan.); <br /> d. Annual Capital Budget Ordinance supplied for the Wake Transit major capital <br /> fund that allocates financial resources to specific project sponsors for specific projects, <br /> and represents the first year of appropriation of funding for capital projects identified in <br /> the Multi-Year CIP; <br /> e. Multi-year Operating Program(as defined supra.); <br /> f. Update of the Wake Transit Financial Plan and financial model assumptions and <br /> corresponding update of the planning horizon of Wake Transit Work Plan future projects <br /> not included in the current Multi-year CIP. The Parties shall use good faith efforts to <br /> align planning horizon year with the horizon year of the current CAMPO MTP. The <br /> Financial Model shall contain agreed upon financial assumptions of the TPAC for Wake <br /> Transit Work Plan revenues involving federal, state and local sources and multi-year <br /> capital and operating costs including liquidity targets and debt ratios relevant to rating <br /> agency metrics; <br /> g. Capital Funding Agreements or Master Agreements:and <br /> h. Operating Agreements or Master Agreements. <br /> 8 <br />