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27 <br /> 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 FY23 would be at the sole discretion of <br /> GoTriangle BDT This language was confirmed on 10/7/22;GoTriangle rescinded <br /> confirmation on 10/26/22. <br /> As of 10/26/22, GoTriangle has also requested: <br /> s A protecfinns clause in the event of catastrophe resulting in bankruptcyor undue <br /> financial strain stemmingfrom debt issuance on behalf of the County <br /> Continued review of 11-A Termination clause with respect to bankruptcy/insolvency <br /> special provisions <br /> As of 7057/22,no allerrrahve aoluhaashave been PrMWdod by Gohfangfe: <br /> ATKINS coa=dant Team rwr)7&ns confident with larunrage as proposed. <br /> Slide #18 <br /> ATKINS <br /> Durham & Orange Counties Transit Plan Governance Study <br /> orange County Tta❑es Myren Atkins Protecl Manager <br /> Staff Contacts - Tom Alfieri,AICP Adam Howell,AICP <br /> Wshlth Tfrvedl <br /> Commissioner Richards asked what it means when the language was confirmed and then <br /> rescinded. <br /> Adam Howe said he worked to facilitate a conversation to talk about how to address the <br /> topic of GoTriangle's funding authority. He said that they are trying to develop clear language to <br /> address that the funding source may not always be available because it is up to GoTriangle to <br /> determine what to do with it. He said they landed on this language but since the agreement, <br /> GoTriangle has said they no longer agree with it, but do not have alternative language. <br /> Commissioner Richards asked if they want a clause about bankruptcy. <br /> Chair Price said at the last meeting, they did not discuss that. She said they agreed that <br /> GoTriangle would have a policy of not going into debt. She said the funds have always been at <br /> the discretion of GoTriangle, but the vehicle rental tax was given to the county to assist with the <br /> transit plan. She said that looking forward, GoTriangle could go in debt, so certain board members <br /> did not want that. She said they realized that the vehicle rental tax money should go to GoTriangle, <br /> and they may no longer give the money to the county. She said this particular clause did not come <br /> up in the conversation. <br />