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21 <br /> j. When applicable and appropriate, shall apply for, secure, and direct reasonably <br /> available funding toward components of the Orange County Transit Annual Work <br /> Program consistent with its other responsibilities within the MPO; <br /> k. Shall program and administer funding, including but not limited to grant funding, and <br /> perform all required duties to apply for, coordinate, and align transit funding if <br /> applicable and appropriate, with other transportation investment and state and federal <br /> funding; and <br /> I. Shall perform any other actions consistent with the powers and duties set forth in 23 <br /> U.S.C. 134 et seq., 49 U.S.C. Chapter 53 and as recognized under the laws of North <br /> Carolina pursuant to N.C.G.S. Chapter 136. <br /> 5.03 GoTriangle shall carry out its legal, contractual,fiscal and fiduciary duties as a unit of <br /> local government as follows: <br /> a. Shall administer and manage the Tax District, including carrying out its legal, <br /> contractual,fiscal and fiduciary duties; <br /> b. Shall comply with the responsibilities of a local government prescribed by the North <br /> Carolina Budget and Fiscal Control Act; <br /> c. Shall adhere to the Financial Plan as defined by this Agreement, and any amendments <br /> authorized thereto; <br /> d. Shall adhere to the Equitable Use of Net Proceeds within or to benefit the Special <br /> District as defined in this Agreement; <br /> e. Shall distribute the Financial Plan to each unit of local government within its jurisdiction <br /> in accordance with N.C.G.S. 105-508.1; <br /> f. Shall use or expend all Dedicated Local Funding Sources only as specifically budgeted in <br /> the approved Orange County Transit Annual Work Program; <br /> g. Shall not pledge, represent, appropriate, or covenant to appropriate any portion of the <br /> Dedicated Local Funding Sources to cover any debt service, encumbrances, or operating <br /> or other expenses that do not arise from the Orange County Transit Annual Work <br /> Program; <br /> h. Shall maintain adequate Operating Fund Balances and Capital Fund Balances in the <br /> Orange Transit major operating and capital funds per Financial Policies & Procedures <br /> and related guidelines mutually agreed to by SWG; <br /> i. Shall obtain approval from the Local Government Commission for all issuances of debt, <br /> certain capital leases, and other financial agreements as required by law; <br /> j. Shall not under the provisions of N.C.G.S. 160A-20, create any security interest in real or <br /> personal property funded by Orange Transit major operating and capital funds unless <br /> 100%of the proceeds of the related financing are for projects in the Orange County <br /> Transit Annual Work Program, unless such security interest and financing are approved <br /> by the Orange County Board of Commissioners; <br /> k. Shall ensure that any proceeds from the sale,transfer and disposition of property, or <br /> from insurance proceeds for projects funded by Orange Transit major operating and <br /> capital funds be used for Orange Transit projects in accordance with the Orange County <br /> Transit Annual Work Program, unless otherwise agreed to by Orange County; <br /> I. Shall include provisions in all applicable financing documentation to the effect that <br /> GoTriangle has entered into an Agreement prohibiting the use of Dedicated Local <br />