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The Multi-year CIP shall be updated annually to coincide with the annual capital budget <br /> always being the first year of appropriation of funding for capital projects identified in <br /> the CIP. The Multi-year CIP shall be coordinated with the Metropolitan Transportation <br /> Plan, Transportation Improvement Program, and annual program of projects developed <br /> and maintained by the Raleigh Urbanized Area designated recipient of federal formula <br /> transit grants so as to be consistent with submittal deadlines for the final horizon year of <br /> both the Transportation Improvement Program and Metropolitan Transportation Plan.); <br /> d. Annual Capital Budget Ordinance supplied for the Wake Transit major capital <br /> fund that allocates financial resources to specific project sponsors for specific projects, <br /> and represents the first year of appropriation of funding for capital projects identified in <br /> the Multi-Year CIP; <br /> e. Multi-year Operating Program (as defined supra.); <br /> f. Update of the Wake Transit Financial Plan and financial model assumptions and <br /> corresponding update of the planning horizon of Wake Transit Work Plan future projects <br /> not included in the current Multi-year CIP. The Parties shall use good faith efforts to <br /> align planning horizon year with the horizon year of the current CAMPO MTP. The <br /> Financial Model shall contain agreed upon financial assumptions of the TPAC for Wake <br /> Transit Work Plan revenues involving federal, state and local sources and multi-year <br /> capital and operating costs including liquidity targets and debt ratios relevant to rating <br /> agency metrics; <br /> g. Capital Funding Agreements or Master Agreements; and <br /> h. Operating Agreements or Master Agreements. <br /> Nothing herein shall prevent Wake County from entering into a Cost Sharing Agreement with <br /> other jurisdictions for any regional transit projects or systems so long as they are detailed in the <br /> Wake County Transit Work Plan. <br /> 2.16 "WESTERN TRIANGLE TAX DISTRICT" shall mean the special tax district created by <br /> the authorizing Resolution of GoTriangle on or about June 27, 2012 that includes the entire area <br /> of Orange County and Durham County as further referenced in the Resolution of the Triangle <br /> Transit Board of Trustees Authorizing the Levy of a One-Half Percent (1/2%) County Sales and <br /> Use Tax for Public Transportation filed on or about December 14, 2012 with the North Carolina <br /> Secretary of State. <br /> ARTICLE III <br /> EFFECTIVE DATE,TERM,AMENDMENT <br /> a. Effective Date. This Agreement shall become effective upon the properly authorized <br /> execution of the Agreement by all Parties. <br /> 9 <br />