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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2 . 018 " GASB" shall mean the Governmental Accounting Standards Board ( GASB ) which establishes standards and principles for state and local governmental accounting and financial reporting . 2 . 019 " Implementation Element" shall mean a discrete project, operation or study or a discrete logical grouping of projects, operations or studies tracked separately by the Orange County Transit Annual Work Program . 2 . 020 Local Government Commission ( " LGC" ) is established by N . C . G . S . 159 - 3 and provides assistance to local governments and public authorities in North Carolina . It is staffed by the Department of State Treasurer and approves the issuance of debt for all units of local government and assists those units with fiscal management . 2 . 021 " Major Fund " shall be, as defined by the GASB , a fund that is reported in a separated column in the basic fund financial statements and is subject to a separate audit opinion in the independent auditor' s report . As defined , the Tax District shall report at a minimum major fund for the Orange Transit Work Plan Operating Funds and a major fund for the Orange Transit Work Plan Capital Funds . 2 . 022 " Master Agreement" shall mean an Operating or Capital Funding agreement that encompasses a discrete logical grouping of capital projects, transit operations or studies . 2 . 023 " Enhanced Quarter-2 Report" shall mean a report delivered approximately 6 months into the year of current work program implementation that provides information regarding progress toward strategic objectives outlined in the Orange County Transit Annual Work Program and includes the performance achieved , the strategies being followed , and performance targets and key milestones for Capital Projects and operating services identified in the Orange County Transit Annual Work Program . 2 . 024 " Multi -Year Capital Improvement Plan " ( " CIP" ) shall mean a multi -year document that identifies by year projected capital projects, project sponsors responsible for undertaking these projects, the financial costs and anticipated sources of funding for those projects, and identifies any projected operating costs associated with those projects . The CIP shall be coordinated with the Metropolitan Transportation Plan , Transportation Improvement Program , and annual program of projects developed and maintained by the DCHC MPO as designated recipient of federal formula transit grants so as to be consistent with submittal deadlines for the Transportation Improvement Program and the horizon years of the Metropolitan Transportation Plan . 2 . 025 "Annual Operating Program " shall mean the annual document describing transit operating programs, which could include the development of local bus, express bus, Bus Rapid Transit, Commuter Rail Transit, or other public transportation -type services not specifically highlighted here to be funded by the Tax District . It will describe service changes planned for the year and preliminary service proposals and financial projection for the subsequent years . A detailed report on the status of each bus and rail route shall also be included , along with performance objectives for the coming year . The document shall also describe administrative, planning, marketing, or other functions that are not directly accounted for in specific infrastructure project delivery or allocated to service delivery, but which are essential to the implementation of the Transit Plan . 2 . 026 " Multi -Year Service Implementation Plan " shall mean a document or documents that detail how transit services will be modified , to include expansion and reduction , operated and maintained over a specific number of years . The plan ( s ) shall detail timing and schedule, justifications for implementation decisions, and public involvement steps . Different transit operators may have