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WHEREAS, the Triangle Tax District remains a multi- county tax district, which now <br />comprises the entire geographical boundaries of Durham, Orange, and Wake counties; and <br />WHEREAS, Durham and Orange counties, in their capacity as members of the multi -county <br />Triangle Tax District, and DCHC -MPO, BG -MPO and CAMPO, the Metropolitan Planning <br />Organizations whose jurisdiction encompasses the Triangle Tax District,_ are statutorily charged <br />pursuant to N.C.G.S. 105 -508.1 to approve a financial plan that provides for the equitable use of <br />the net proceeds within or to the benefit of the special tax district prior to the levy of any tax <br />within the district; and <br />WHEREAS, Durham and Orange counties, DCHC -MPO and BG -MPO, by and through <br />their approval of the Durham and Orange Bus and Rail Investment Plans, adopted financial plans <br />( "Durham and Orange Bus and Rail Financial Plans ") in 2011 and 2012 for the Western Triangle <br />Tax District and levied a tax for the same in accordance with N.C.G.S. 105 -509 et seq. for public <br />transportation systems in Durham County and Orange County; <br />WHEREAS, it is the intent of the Parties for the Durham and Orange Bus and Rail <br />Investment Plans already approved and in implementation to continue carrying out the transit <br />vision planned for these counties; <br />WHEREAS, as a precondition to the levy of any tax in Wake County pursuant to N.C.G.S. <br />105 -508.1 et seq., Durham and Orange counties, DCHC -MPO, BG -MPO, and CAMPO must <br />approve the financial plan for the implementation of the Wake County Transit Plan within the <br />multi -county Triangle Tax District; and <br />WHEREAS, Wake County has likewise conditioned its membership in the multi -county <br />Triangle Tax District on the Parties to this Agreement approving its - financial plan ( "Wake <br />County Financial Plan ") pursuant to N.C.G.S. 105 - 508.1; and <br />WHEREAS, the Parties agree that the mutual assurances provided herein are given as <br />consideration for Wake County's agreement to join the multi- county Triangle Tax District for <br />the purpose of holding an advisory referendum on the levy of a '/z percent sales tax for public <br />transit; and <br />WHEREAS, prior to calling for an advisory referendum before the voters of Wake County <br />for the purpose of authorizing the levy of a '/2 percent sales tax for public transit, the Parties <br />desire to define and approve, pursuant to this Agreement, "the Wake County Financial Plan" that <br />will govern the use of all revenue, including any Wake County Tax Revenue or Wake Transit <br />Revenue, and further designate the parameters, respective roles, and limitations of the Parties <br />with respect to the addition, governance and implementation of the Wake County Transit Plan; <br />and <br />4 <br />