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Whereas, the Parties to this Agreement, in collaboration with local partners and stakeholders, shall carry <br /> out the implementation of the Orange County Transit Multi -Year Vision Plan , which shall include an <br /> approved financial plan pursuant to N . C . G . S 105 - 508 . 1; and <br /> Whereas, the Parties pursuant to the authority of N . C . G . S . 160A-461 et seq , are authorized to enter into <br /> this Agreement and joint planning and implementation efforts in order. to pursue the above stated goals . <br /> Now Therefore , for and in consideration of the promises and covenants contained in this Agreement <br /> and the mutual benefits derived therefrom , the sufficiency of which is hereby acknowledged , the Parties <br /> agree as follows : <br /> Article <br /> Purpose and Scope <br /> 1 . 01 Purpose . The purpose of this Agreement is to provide a plan of governance that will efficiently, <br /> effectively and equitably implement public transit services and projects as set forth in the <br /> Orange County Transit Multi -Year Vision Plan ( see 2 . 038 for definition ) and associated Orange <br /> County Transit Annual Work Programs ( see 2 . 011 for definition ) . This Agreement will also guide <br /> updates and amendments to the Orange County Transit Multi -Year Vision Plan which include the <br /> planning, design , funding, implementation , and operation of transit services; reporting <br /> expectations; and resolution of issues . <br /> 1902 Scope . The scope of this Agreement shall be the governance of the planning, financing, and <br /> implementation of the Orange County Transit Multi -Year Vision Plan , as it may be amended <br /> from time to time as provided for herein . <br /> 1 . 03 Objective . The objective of this Agreement is to create a governance structure to successfully <br /> meet the purposes of this agreement . <br /> Article II <br /> Definitions <br /> 2 . 01 "Annual Capital Budget" shall mean the upcoming year of the multi -year Capital Improvement <br /> Plan ( CIP ) which is enacted by adoption of the capital projects ordinance pursuant to N . C . G . S . <br /> Chapter 159 . This budget shall include the allocation of financial resources to specific project <br /> sponsors for specific projects . Appropriations that are made pursuant to the Annual Capital <br /> Budget shall be budgeted to project elements such as, but not limited to , infrastructure projects <br /> or vehicle rolling stock ( depreciable items ) in a multi -year major fund such that funding does not <br /> revert to available capital fund balance at the end of the fiscal year . <br /> 2 . 02 "Annual Operating Budget" shall mean the upcoming year of the annual operating program , <br /> which is enacted by the adoption of the operating projects ordinance pursuant to N . C . G . S . <br /> Chapter 159 . This budget shall include the allocation of financial resources to specific project <br /> sponsors for specific projects . Appropriations that are made pursuant to the Annual Operating <br /> Budget shall be budgeted to elements such as, but not limited to , elements to support the <br /> operations, maintenance , and administrative oversight of public transportation services and the <br /> overhead costs related to Tax District functions . The annual operating budget shall be budgeted <br />