OTHER-2023-011 Transit Governance Interlocal Agreement between Orange County Durham-Chapel Hill-Carrboro Metropolitan Planning Organization and Research Triangle Regional Public Transportation Authority

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2 . 010 "Annual Comprehensive Financial Report" ( "ACFR" ) shall mean the report prepared by governmental entities that complies with the accounting regulations promulgated by the Governmental Accounting Standards Board ( GASB ) . 2 . 011 " Orange County Transit Annual Work Program " or "Work Program " shall mean the comprehensive annual program for transit capital and operations presented by the SWG ( see 2 . 034 ) which shall include all of the separate components of: a . Annual Operating Budget Ordinance . This shall be supplied for the Orange Transit major operating fund which will appropriate funds for the operation , administration , and implementation of projects identified in the Work Program as operating projects, b . Annual Tax District administration budget for the Orange Transit major operating and capital fund ; c . Multi -Year Capital Improvement Plan ( CIP ) supplied for the Orange Transit major capital fund that clearly identifies specific projects, project sponsors responsible for undertaking those projects, project funding sources, and project expenditures . ( NOTE : The Multi -year CIP shall be updated annually to coincide with the annual capital budget always being the first year of appropriation of funding for capital projects identified in the CIP . The Multi -year CIP shall be coordinated with the Metropolitan Transportation Plan , Transportation Improvement Program , and annual program of projects developed and maintained by the DCHC MPO 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 . ) ; d . Annual Capital Budget Ordinance supplied for the Orange Transit major capital fund that allocates financial resources to specific project sponsors for specific projects and represents the current year of appropriation of funding for capital projects identified in the Multi -Year CIP; e . Annual Operating Program ( as defined supra. ) ; f. Adiustment of the Current Orange Transit Financial Plan and financial model assumptions and corresponding update of the planning horizon of Orange County Transit Multi -Year Vision Plan future projects not included in the current Multi -year CIP . The Parties shall use good faith efforts to align planning horizon year with the horizon year of the current DCHC MPO IVITP . The Financial Model shall contain agreed upon financial assumptions of the SWG ( and supporting subcommittees as designated ) for the Orange County Transit Annual Work Program revenues involving federal , state , and local sources and multi -year capital and operating costs including liquidity targets and debt ratios relevant to rating agency metrics; g . Multi -year Capital Funding Agreements or Global Agreements ; and h . Multi -year Operating Agreements or Global Agreements . 2 . 012 " Dedicated Local Transit Funding Sources" shall be defined as all revenues derived from transit funding sources in support of the Orange County Transit Multi -Year Vision Plan , which shall include, but not limited to ( for potential future need ) : a . Article 43 Half- Cent ( 0 . 5 percent ) Sales and Use Tax . This is the % percent local option sales and use tax as defined by N . C . G . S 105 - 508 ;