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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 etseq. , 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 Agreements <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 />