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23 <br /> Local Funding <br /> • <br /> More Borrowing Against Anticipated Revenues <br /> Grant Anticipation Notes to manage slower federal funds (repaid by grants) <br /> • Short-term Limited Obligation Bonds during D-O LRT construction <br /> • Long-term TIFIA loan drawn down during D-O LRT construction <br /> D-O LRT Cost-Share Agreement <br /> o Current agreement executed in 2012 - 77.05% Durham / 22.95% for project costs <br /> Extension to North Carolina Central University in Durham <br /> Change from 5 to 4 stations in Orange County through environmental process decision <br /> Orange does not maintain a positive cash flow for Orange County <br /> Re-negotiation of cost-share is ongoing; draft plan assumptions are starting point for <br /> discussion <br /> 82% Durham / 18% Orange for project costs; 80% / 20% for operating and maintenance costs <br />