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10 <br /> Olt IIU U S S IIU U U � IIU°°° IIU° SRAM IV IIU'° IIIIIIIIII <br /> 15. If the balance of the Dedicated Local Transit Revenues attributed to a county is <br /> insufficient to meet that county's respective share of costs, then neither Orange nor <br /> Durham shall be obligated to use revenues other than the Dedicated Local Transit <br /> Revenues to pay its respective share. <br /> 16. 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 Transit 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 /> 17. GoTriangle shall provide an annual report on the collection, allocation, and expenditure <br /> of the Dedicated Local Transit Revenues to the elected governing boards of Durham and <br /> Orange. GoTriangle shall provide to the governing boards of Durham and Orange copies <br /> of its annual audit reports as those reports are related to the collection of transit <br /> revenues in Durham and Orange, including funds collected pursuant to N.C.G.S. Chapter <br /> 105, Articles 43, 50, 51, and 52. <br /> 18. 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 Transit Revenues. <br /> 19. 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 18 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 /> 20. To be effective, any amendment, change, correction, extension, or termination of this <br /> Agreement shall be in the form of a written instrument approved by the governing <br /> board of each Party. <br /> 21. This Agreement shall be governed by and in accordance with the laws of the State of <br /> North Carolina. All actions relating in any way to this Agreement shall be brought in the <br /> General Court of Justice in the County of Durham, North Carolina. <br /> 22. Except to the extent provided otherwise in this Agreement, the Orange County Manager <br /> shall designate persons to carry out Orange's obligations under this Agreement, the <br /> Durham County Manager shall designate persons to carry out Durham's obligations <br /> under this Agreement, and the General Manager of GoTriangle shall designate persons <br /> to carry out GoTriangle's obligations under this Agreement. <br /> 23. All equipment, improvements, and interests in real property acquired under this <br /> Agreement shall be the property of GoTriangle or another entity under separate <br /> agreement and shall be subject to disposition as required under applicable law. <br /> 24. This Agreement is entered into by the Parties for their purposes only and does not <br /> confer any rights, benefits, remedies, or privileges on any other person or entity. <br /> 6 <br />