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27 <br /> 1 Slide #17 <br /> Road to Adoption <br /> **Regarding the Vehicle Rental Tax as a Dedicated Local Transit Funding Source— <br /> language was developed to acknowledge GoTriangle BOT authority of funding, and any <br /> future allocation of such funding beyond PY23 would be at the sole discretion of <br /> GoTriangle BOT.This language was confirmed on 1017f 22,GoTriangle rescinded <br /> confirmation on 10/26/22. <br /> As of 10f 26122, GoTriangle has also requested: <br /> s A protections clause in the event of catastrophe resulting in bankruptcy or undue <br /> financial strain stemmingfrom debt issuance on behalf of the County <br /> t Continued review of ILA Termination clause with respect to bankruptcy/insoivency <br /> spetiai provisions <br /> As of IMIA22,no allerrralYe solulinnshays been provided by Go7rfangfe, <br /> ATKINS CanSulfant Team remains conAdeni with language as prnfmsed. <br /> 2 <br /> 3 <br /> 4 Slide #18 <br /> ATKINS <br /> r` µan <br /> Durham & Orange Counties Transit Plan Governance Study <br /> Orange County Ttaals Myren Alklns ProjectManaget <br /> SU f Contacts Tom Altieri AIC�O Adam Howell.AIG? <br /> 5 Nigh lth'rr:;=.;i <br /> 6 Commissioner Richards asked what it means when the language was confirmed and then <br /> 7 rescinded. <br /> 8 Adam Howe said he worked to facilitate a conversation to talk about how to address the <br /> 9 topic of GoTriangle's funding authority. He said that they are trying to develop clear language to <br /> 10 address that the funding source may not always be available because it is up to GoTriangle to <br /> 11 determine what to do with it. He said they landed on this language but since the agreement, <br /> 12 GoTriangle has said they no longer agree with it, but do not have alternative language. <br /> 13 Commissioner Richards asked if they want a clause about bankruptcy. <br /> 14 Chair Price said at the last meeting, they did not discuss that. She said they agreed that <br /> 15 GoTriangle would have a policy of not going into debt. She said the funds have always been at <br /> 16 the discretion of GoTriangle, but the vehicle rental tax was given to the county to assist with the <br /> 17 transit plan. She said that looking forward, GoTriangle could go in debt, so certain board members <br /> 18 did not want that. She said they realized that the vehicle rental tax money should go to GoTriangle, <br /> 19 and they may no longer give the money to the county. She said this particular clause did not come <br /> 20 up in the conversation. <br />