Orange County NC Website
Browse       Search
7 <br /> fund the New Starts Project Cost (County Contributions). The Parties agree that total <br /> County Contributions shall not exceed 40 percent of the New Starts Project Cost. <br /> 6. The share of the County Contributions from the Dedicated Local Transit Revenues <br /> committed by Durham shall be$738.4 million YOE (Durham Share). <br /> 7. The share of the County Contributions from the Dedicated Local Transit Revenues <br /> committed by Orange shall be$149.5 million YOE (Orange Share). <br /> 8. Without further approval from Orange and Durham, GoTriangle shall allocate and pay <br /> for the Durham Share and the Orange Share of the New Starts Project Cost, including <br /> the planning, engineering, financing, and construction, from the Dedicated Local Transit <br /> Revenues in accordance with this Agreement and the 2017 County Plans. <br /> 9. GoTriangle may allocate and pay for the counties' respective shares of the New Starts <br /> Project Cost, including the planning, engineering, financing, and construction, from the <br /> Dedicated Local Transit Revenues on a pay-as-you-go basis and/or by issuing debt with a <br /> par value up to the amount committed in Paragraph 5 above. Consistent with North <br /> Carolina law and the 2017 County Plans, GoTriangle may use the Dedicated Local Transit <br /> Revenues for the purposes of issuing and repaying debt. GoTriangle will allocate debt <br /> attributed to each county as follows: eighty-one and one-half percent (81.5%) for <br /> Durham and eighteen and one-half percent (18.5%) for Orange. <br /> 10. In preparation for submittal of the FFGA application, the Parties shall collaborate among <br /> themselves and with philanthropic, corporate, institutional, non-profit, and other <br /> supporters to secure the remainder of the non-CIG share needed for construction from <br /> sources including, but not limited to: private monetary and in-kind donations, other <br /> funds specifically identified to fund the Joint Development component of the D-O LRT <br /> Project, and additional federal and state funds (as may become available). The Parties <br /> understand that the Financial Plan for the D-O LRT Project must reflect that one <br /> hundred percent (100%) of non-CIG funds are committed prior to GoTriangle's <br /> application for a FFGA. <br /> 11. The costs to operate and maintain the D-O LRT system (O&M Cost) will be paid first <br /> from light rail system fare revenues, with any remaining O&M Cost being paid from the <br /> Dedicated Local Transit Revenues. <br /> 12. The division of responsibility for O&M Cost and State of Good Repair cost shall be <br /> allocated as follows: eighty percent (80%) for Durham and twenty percent (20%) for <br /> Orange through 2036, and eighty-one percent (81%) for Durham and nineteen percent <br /> (19%) for Orange thereafter. <br /> 13. If, during the term of this Agreement, federal CIG funds, private, in-kind, local or other <br /> funds as described in Paragraph 10, or state funds to be used for the D-O LRT Project are <br /> cancelled, terminated, withdrawn, do not materialize, or otherwise become unavailable <br /> for the D-O LRT Project, or if such federal CIG or state funds are reduced in an amount <br /> that requires additional local revenues beyond the County Contributions, the Parties <br />