2016-472 County Atty - Wake County, et al - Interlocal Agreement re Mutual Understanding as to the Scope and Content of the Financial Plan (not final)

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WHEREAS, the Parties are authorized to enter into this Agreement in order to pursue the above stated goals. NOW THEREFORE, for and in consideration of the promises and covenants contained in this Agreement and the mutual benefits derived therefrom, the sufficiency of which is hereby acknowledged, the Parties agree as follows: ARTICLE I PURPOSE 1.01 Purpose. The purpose of this Agreement is to establish Eby written agreement the approval of the Wake County Financial Plan required pursuant to N.C.G.S. 105 - 508.1, define the expectations and duties of the Parties now that Wake County has I joined the multi - county Triangle Tax District and to further document the financial terms and conditions for the implementation of transit investment, including the Wake County Transit Plan, the equitable use of net proceeds collected by GoTriangle within any special district to which all Parties of the Agreement are a member, including the Triangle Tax District. This Agreement shall be evidence of the intent between the Parties with respect to the financial terms and conditions governing the use of transit revenues, including Wake County Tax Revenues and Wake Transit Plan Revenues and the equitable use of proceeds within and for the benefit of any special district to which all the Parties of the Agreement are a member. The execution of this Agreement shall be conclusive evidence that the Parties have reviewed and approved the Financial Plan as contemplated by N.C.G.S. 105 - 508.1. ARTICLE II DEFINITIONS 2.01 "DURHAM AND ORANGE BUS AND RAIL INVESTMENT PLANS" shall mean the transit plans formally known as The Durham County Bus and Rail Investment Plan and The Bus and Rail Investment Plan in Orange County, being those same plans adopted by Durham County, Orange County, GoTriangle, BG -MPO, and DCHC -MPO, and currently administered by GoTriangle for Durham County and Orange County. 2.02 "DURHAM AND ORANGE BUS AND RAIL FINANCIAL PLANS" shall mean the Financial Plans as defined herein and contained in the Durham and Orange Bus and Rail Investment Plans attached hereto as Exhibit A, developed and approved in accordance with N.C.G.S. 105 -508.1 on behalf of Durham and Orange counties in conjunction with the creation of the Western Triangle Tax District, and being the same "financial plans" referenced in the Resolution of the Triangle Transit (now known as GoTriangle) Board of Trustees Authorizing the Levy of a One -Half Percent (1/2 %) County Sales and Use Tax for Public Transportation filed on or about December 14, 2012 with the North Carolina Secretary of State.