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5 <br /> Wheras,the Parties to this Agreement, in collaboration with local partners and stakeholders, shall carry <br /> out the implementation of the Orange County Transit Multi-Year Vision Plan,which shall include an <br /> approved financial plan pursuant to N.C.G.S 105-508.1; and <br /> Whereas,the Parties pursuant to the authority of N.C.G.S. 160A-461 et seq. are authorized to enter into <br /> this Agreement and joint planning and implementation efforts in order to pursue the above stated goals. <br /> Now Therefore,for and in consideration of the promises and covenants contained in this Agreement <br /> and the mutual benefits derived therefrom, the sufficiency of which is hereby acknowledged,the Parties <br /> agree as follows: <br /> Article I <br /> Purpose and Scope <br /> 1.01 Purpose.The purpose of this Agreement is to provide a plan of governance that will efficiently, <br /> effectively, and equitably implement public transit services and projects as set forth in the <br /> Orange County Transit Multi-Year Vision Plan (see 2.038 for definition) and associated Orange <br /> County Transit Annual Work Programs (see 2.011 for definition).This Agreement will also guide <br /> updates and amendments to the Orange County Transit Multi-Year Vision Plan which include the <br /> planning, design,funding, implementation, and operation of transit services; reporting <br /> expectations; and resolution of issues. <br /> 1.02 Scope.The scope of this Agreement shall be the governance of the planning, financing, and <br /> implementation of the Orange County Transit Multi-Year Vision Plan, as it may be amended <br /> from time to time as provided for herein. <br /> 1.03 Objective.The objective of this Agreement is to create a governance structure to successfully <br /> meet the purposes of this agreement. <br /> Article II <br /> Definitions <br /> 2.01 "Annual Capital Budget" shall mean the upcoming year of the multi-year Capital Improvement <br /> Plan (CIP)which is enacted by adoption of the capital projects ordinance pursuant to N.C.G.S. <br /> Chapter 159.This budget shall include the allocation of financial resources to specific project <br /> sponsors for specific projects.Appropriations that are made pursuant to the Annual Capital <br /> Budget shall be budgeted to project elements such as, but not limited to, infrastructure projects <br /> or vehicle rolling stock (depreciable items) in a multi-year major fund such that funding does not <br /> revert to available capital fund balance at the end of the fiscal year. <br /> 2.02 "Annual Operating Budget" shall mean the upcoming year of the annual operating program, <br /> which is enacted by the adoption of the operating projects ordinance pursuant to N.C.G.S. <br /> Chapter 159.This budget shall include the allocation of financial resources to specific project <br /> sponsors for specific projects. Appropriations that are made pursuant to the Annual Operating <br /> Budget shall be budgeted to elements such as, but not limited to, elements to support the <br /> operations, maintenance, and administrative oversight of public transportation services and the <br /> overhead costs related to Tax District functions.The annual operating budget shall be budgeted <br />