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64 <br /> APRIL 6, 2017 DRAFT FOR DISCUSSION - NOT FOR SIGNATURE <br /> 12. Upon entry into the Engineering Phase, GoTriangle will produce Quarterly <br /> D-O LRT Project Reports in accordance with FTA requirements (Quarterly Reports) and <br /> will share such Quarterly Reports with FTA, Orange, Durham, and DCHC MPO. In the <br /> event of significant cost overruns or unmitigated funding shortfalls, as may be reflected <br /> in the Quarterly Reports to FTA, the Parties shall meet within fifteen (15) business days <br /> to determine how to address the situation. Such response may include, but not be <br /> limited to the following: a schedule delay in one or more aspects of the D-O LRT Project; <br /> a reduction in the scope of the D-O LRT Project; suspension of the D-O LRT Project; <br /> working together to identify and pursue additional funding mechanisms to directly <br /> support the D-O LRT Project from sources other than the Dedicated Local Revenues; <br /> other reasonable steps to mutually address the situation; a combination of these <br /> measures; or discontinuation of the D-O LRT Project. As used herein, "significant cost <br /> overruns or unmitigated funding shortfalls" shall be construed consistently with <br /> "material change," as that term is defined in subparts (A), (B), and (C) of the "material <br /> change" paragraph in the Durham and Orange Interlocal Implementation Agreements. <br /> If the Parties elect to discontinue the D-O LRT Project, the Staff Working Groups shall <br /> convene within twenty (20) business days to begin the process to develop new transit <br /> plans for Orange and Durham so that funds generated by the Dedicated Local Revenues <br /> can be reallocated. <br /> 13. If the balance of the Dedicated Local Revenues attributed to a county is insufficient to <br /> meet that county's respective share of costs, then neither Orange nor Durham shall be <br /> obligated to use revenues other than the Dedicated Local Revenues to pay its respective <br /> share. <br /> 14. If, after the effective date of this Agreement, the Parties are authorized to levy new <br /> transit-specific taxes or fees, or if the limits of the Dedicated Local Revenues are <br /> expanded by the North Carolina General Assembly, this Agreement shall not obligate <br /> the use of such additional revenues for the D-O LRT Project. <br /> 15. GoTriangle shall provide an annual report on the collection, allocation, and expenditure <br /> of the Dedicated Local Revenues to the governing boards of Durham and Orange. <br /> GoTriangle shall provide to the governing boards of Durham and Orange copies of its <br /> annual audit reports as those reports are related to the collection of transit revenues in <br /> Durham and Orange, including funds collected pursuant to N.C.G.S. Chapter 105, <br /> Articles 43, 50, 51, and 52. <br /> 16. The term of this Agreement shall continue until the latter of June 30, 2037 or the final <br /> maturity date of any debt issued in connection with the D-O LRT Project and payable <br /> from the Dedicated Local Revenues. <br /> 17. This Agreement may be terminated upon mutual agreement of the Parties. In the event <br /> of termination prior to the expiration of the term set forth in Paragraph 15 or of any <br /> extensions thereto, the Parties shall determine what obligations remain and how to <br /> equitably distribute such obligations as they relate to the D-O LRT Project. <br /> 5 <br />