OTHER-2022-057-Transit Governance Interlocal Agreement between Orange County Durham-Chapel Hill-Carrboro Metropolitan Planning Organization and Research Triangle Regional Public Transporation Authority

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c . Article 52 Seven - Dollar ( $ 7 ) County Vehicle Registration Fee . This is the County vehicle registration fee assessed by the Orange County Board of Commissioners in accordance with N . C . G . S 105 -570 et seq . ; and d . Vehicle Rental Tax . Any portion of vehicle rental tax collected by GoTriangle pursuant to N . C . G . S . 105 -550 et seq. that is allocated to Orange County by the GoTriangle Board of Trustees . Future allocations of the Vehicle Rental Tax post execution of this agreement shall be subject to the sole discretion of the GoTriangle Board of Trustees approval . 2 . 013 " Orange County Transit Plan Revenue " shall mean Dedicated Local Transit Funding Sources, any federal or state funds allocated by a designated recipient, debt proceeds, fares, local contributions, and any other sources of revenue used to fund the Orange County Transit Multi - Year Vision Plan 2 . 014 " Equitable Use of Net Proceeds Within or To Benefit the Special District" as that term is used in N . C . G . S . 105 - 508 . 1 shall mean : a . The revenues collected in Orange County must be spent for the benefit of that County . That does not mean they have to be spent in the County . b . For Cross - County projects, rates that are negotiated on some agreed upon periodic basis by the counties are by definition equitable 2 . 015 " Financial Model" shall mean a long-term financial planning model , that projects revenues and expenditures and includes all Dedicated Local Transit Funding Sources, as well as additional projected sources for projects and planned uses of funds as necessary for both capital projects and operating expenses, and is used to evaluate the impact of operating and funding decisions on the Orange Transit major operating and capital funds ' financial condition to ensure the Orange County Transit Multi -Year Vision Plan ' s policies and objectives are maintained in the long-term , including liquidity targets and debt ratios relevant to rating agency metrics . Only Orange County Transit Plan Revenue , including Dedicated Local Transit Revenues, and expenditures of projects in support of the Orange County Transit Multi -Year Vision Plan shall be included in the Financial Model . 2 . 016 " Financial Plan " as that term is used in N . C . G . S . 105 - 508 . 1 ( 2 ) shall mean : a . the Financial Plan requiring approval shall mean the Plan Implementation and Finance components of the most current Orange County Transit Multi -Year Vision Plan as supported by the details of the Orange County Transit Multi -Year Vision Plan and modeled in the associated Financial Model . Approval authority over the Financial Plan by the parties to this agreement only applies to the Dedicated Local Transit Funding Sources . Any other funding sources comprising the Financial Plan should be provided by appropriate project sponsors ( as approved by their governing body ) during the Annual Work Program and /or Multi -Year Vision Plan development processes . b . If now or in the future the Special District consists of Orange County and one or more other counties, the Financial Plan shall only include funds that would be budgeted and reported in the Orange Transit major operating and capital funds, provided that financial plans for other counties in the District, if any, have previously been approved by those counties . 2 . 017 " Financial Statements" shall mean the statement of financial condition prepared in accordance with N . C . G . S 159 - 25 .