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2 . 011 " Orange County Transit Annual Work Program " or "Work Program " shall mean the <br /> comprehensive annual program for transit capital and operations presented by the SWG ( see <br /> 2 . 034 ) which shall include all of the separate components of: <br /> a . Annual Operating Budget Ordinance . This shall be supplied for the Orange Transit major <br /> operating fund which will appropriate funds for the operation , administration , and <br /> implementation of projects identified in the Work Program as operating projects, <br /> b . Annual Tax District administration budget for the Orange Transit major operating and <br /> capital fund ; <br /> c . Multi -Year Capital Improvement Plan ( CIP ) supplied for the Orange Transit major capital <br /> fund that clearly identifies specific projects, project sponsors responsible for <br /> undertaking those projects, project funding sources, and project expenditures . ( NOTE : <br /> 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 DCHC MPO designated recipient of federal formula transit grants <br /> so as to be consistent with submittal deadlines for the Transportation Improvement <br /> Program and the horizon years of the Metropolitan Transportation Plan . ) ; <br /> d . Annual Capital Budget Ordinance supplied for the Orange Transit major capital fund that <br /> allocates financial resources to specific project sponsors for specific projects and <br /> represents the current year of appropriation of funding for capital projects identified in <br /> the Multi -Year CIP; <br /> e . Annual Operating Program ( as defined supra. ) ; <br /> f. Adiustment of the Current Orange Transit Financial Plan and financial model <br /> assumptions and corresponding update of the planning horizon of Orange County <br /> Transit Multi -Year Vision Plan future projects not included in the current Multi -year CIP . <br /> The Parties shall use good faith efforts to align planning horizon year with the horizon <br /> year of the current DCHC MPO MTP . The Financial Model shall contain agreed upon <br /> financial assumptions of the SWG ( and supporting subcommittees as designated ) for the <br /> Orange County Transit Annual Work Program revenues involving federal , state and local <br /> sources and multi -year capital and operating costs including liquidity targets and debt <br /> ratios relevant to rating agency metrics; <br /> g . Multi -year Capital Funding Agreements or Master Agreements; and <br /> h . Multi -year Operating Agreements or Master Agreements . <br /> 2 . 012 " Dedicated Local Transit Funding Sources" shall be defined as all revenues derived from transit <br /> funding sources in support of the Orange County Transit Multi -Year Vision Plan , which shall <br /> include , but not limited to ( for potential future need ) . <br /> a . Article 43 Half- Cent ( 0 . 5 percent ) Sales and Use Tax . This is the % percent local option <br /> sales and use tax as defined by N . C . G . S 105 -508 ; <br /> b . Article 51 Three - Dollar ( $ 3 ) increase to GoTriangle Regional Vehicle Registration Fee . <br /> This is the increased portion of the regional vehicle registration fee assessed by <br /> GoTriangle in accordance with N . C . G . S 105 -561 et seq , allocated to Orange County; <br />