Agenda - 10-22-1991 - Laserfiche WebLink

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t `t2 TRIANGLE- TRANSIT AUTHORITY August 22, 1991 The .Honorahle Moses Carey Chairman Orange County Board of Commissioners Post Office Box 8181 Hillsborough,'North Carolina 27278 Dear Mr. Carey: Following a public hearing on August 15,. the Triangle Transit Authority Board of Trustees decided to recommend a S 5 tax rate for the vehicle registration tax. As required by the legislation passed earlier this year by the General Assembly, the regional transit authority cannot levy a tax until that tax has been approved by the 'Special Tax Board and by each of the Boards of County Commissioners. Enclosed for your review are the proposed joint resolution by the County Commissioners adopting the tax; a copy of the tax legislation; a schedule of implementation of the tax; the General Manager's tax rate recommendation; and the minutes of the August 15 public hearing. The Board of Trustees requests your consideration of the joint resolution during September. At the August 15 meeting, the board of Trustees also approved an amended FY 1991 -1992 budget. The budget plan (copy enclosed) requires a total of $ 416,700 in public funds. These funds will come from $ 171,750 in carry over NCDOT grant funds not used in FY 1990 -1991; $ 144,950 in additional NCDOT funds; and S 100,000 in funds from local governments. This request is necessary because of the legiplative restrictions as well as the timing of receipt of vehicle-registration tax funds. The Authority proposed that the $ 1001000 in local funds be requested from each of the three counties in proportion to 1990 Population estimates.. The Orange County share is $13,500. The Board of Trustees envisioned that the County and the Town of Chapel Hill would share the contribution by mutual agreement. The Board of Trustees requests -a decision by November 1. Suite 206, 50 Park Offices P.O. Box 137$7. Research Triangle Park, NC 27709 (919)5-19-9999