Orange County NC Website
Browse       Search
22 <br /> Funding Sources to fund debt service or other expenses that do not arise from the <br /> Orange County Transit Annual Work Program unless otherwise agreed to or approved <br /> by the Orange County Board of Commissioners or included in the Orange County Transit <br /> Annual Work Program or the Orange County Transit Multi-Year Vision Plan; <br /> m. Shall, unless otherwise agreed to by Orange County or included in the Orange County <br /> Transit Annual Work Program, unless such financing is agreed to or approved by the <br /> Orange County Board of Commissioners, include provisions in all applicable financing <br /> documentation to the effect that GoTriangle does not intend to pay debt service or fund <br /> operating expenses or other costs associated with such capital facilities or the operation <br /> thereof from Dedicated Local Transit Funding Sources and that GoTriangle has entered <br /> into an Agreement prohibiting the use of Dedicated Local Transit Funding Sources for <br /> such purpose; <br /> n. Shall maintain such books, records, and systems of accounts so that the expenditures of <br /> Dedicated Local Transit Funding Sources and Orange Transit Plan Revenue are <br /> accounted for as expended on the Orange County Transit Annual Work Program as <br /> budgeted and reported in the Orange Transit major operating and capital funds; <br /> o. Shall provide any and all Financial Statements, accountings, reports, and information to <br /> SWG within thirty (30) days of request, and produce drafts of documents created on <br /> behalf of the SWG for review and feedback from SWG prior to GoTriangle's issuance, <br /> approval, and release of Comprehensive Annual Financial Reports, adopted budget <br /> documents, and applications for Grant Funding approval; <br /> p. Shall not issue or authorize the issuance of any Preliminary Official Statement, Official <br /> Statement, or similar securities offering documents in connection with the financing of <br /> improvements by GoTriangle unless such document has previously been submitted to <br /> Orange County for review and comments regarding the nature of the security and <br /> sources of payment of the amounts due in connection with the financing; <br /> q. Shall provide staff to serve on the SWG; <br /> r. Shall enter into Operating or Capital Funding Agreements to study and plan public <br /> transit infrastructure Capital Projects and deliver Implementation Elements as identified <br /> within the Orange County Transit Annual Work Program; <br /> s. Shall provide required financial and status reports on Implementation Elements for <br /> which GoTriangle is responsible (i.e., serving as project sponsor) that are funded in-part <br /> or wholly by the Tax District, and reported for the Orange Transit major operating and <br /> capital funds; <br /> t. Shall annually review and approve required documents and perform any other actions <br /> consistent with the terms of this Agreement or powers authorized by a process to be <br /> established by SWG; <br /> u. Shall coordinate approval of the components of the Orange County Transit Annual Work <br /> Program identified in Section 2.011 by the GoTriangle Board of Trustees; <br /> v. Shall coordinate, as needed,to review and approve documents, as defined in Article II or <br /> in subsequently developed policies & procedures that support transit plan <br /> implementation, by the GoTriangle Board of Trustees; <br /> w. Shall coordinate approval of the Multi-Year Vision Plan by the GoTriangle Board of <br /> Trustees; <br />