Orange County NC Website
Browse       Search
b . Article 51 Three - Dollar ( $ 3 ) increase to GoTriangle Regional Vehicle Registration Fee . <br /> This is the increased portion of the regional vehicle registration fee assessed by <br /> GoTriangle in accordance with N . C . G . S 105 - 561 etseq. allocated to Orange County, <br /> c . Article 52 Seven - Dollar ( $ 7 ) County Vehicle Registration Fee . This is the County vehicle <br /> registration fee assessed by the Orange County Board of Commissioners in accordance <br /> with N . C . G . S 105 -570 et seq. ; and <br /> d . Vehicle Rental Tax . Any portion of vehicle rental tax collected by GoTriangle pursuant to <br /> N . C . G . S . 105 -550 et seq, that is allocated to Orange County by the GoTriangle Board of <br /> Trustees . Future allocations of the Vehicle Rental Tax after FY23 shall be subject to the <br /> sole discretion of the GoTriangle Board of Trustees approval . If the GoTriangle Board of <br /> Trustees chooses to suspend any allocations of the Vehicle Rental Tax to Orange County, <br /> the Board of Trustees shall provide said county with three ( 3 ) months' notice of such <br /> suspension . <br /> 2 . 013 " Orange County Transit Plan Revenue " shall mean Dedicated Local Transit Funding Sources, any <br /> federal or state funds allocated by a designated recipient, debt proceeds, fares, local <br /> contributions, and any other sources of revenue used to fund the Orange County Transit Multi - <br /> Year Vision Plan <br /> 2 . 014 " Equitable Use of Net Proceeds Within or To Benefit the Special District" as that term is used in <br /> N . C . G . S . 105 - 508 . 1 shall mean : <br /> a . The revenues collected in Orange County must be spent for the benefit of that County . That <br /> does not mean they have to be spent in the County . <br /> b . For Cross - County projects, rates that are negotiated on some agreed upon periodic basis by <br /> the counties are by definition equitable <br /> 2 . 015 " Financial Model " shall mean a long-term financial planning model , that projects revenues and <br /> expenditures and includes all Dedicated Local Transit Funding Sources, as well as additional <br /> projected sources for projects and planned uses of funds as necessary for both capital projects <br /> and operating expenses, and is used to evaluate the impact of operating and funding decisions <br /> on the Orange Transit major operating and capital funds' financial condition to ensure the <br /> Orange County Transit Multi -Year Vision Plan ' s policies and objectives are maintained in the <br /> long-term , including liquidity targets and debt ratios relevant to rating agency metrics . Only <br /> Orange County Transit Plan Revenue , including Dedicated Local Transit Revenues, and <br /> expenditures of projects in support of the Orange County Transit Multi -Year Vision Plan shall be <br /> included in the Financial Model . <br /> 2 . 016 " Financial Plan " as that term is used in N . C . G . S . 105 -508 . 1 ( 2 ) shall mean : <br /> a . the Financial Plan requiring approval shall mean the Plan Implementation and Finance <br /> components of the most current Orange County Transit Multi -Year Vision Plan as <br /> supported by the details of the Orange County Transit Multi -Year Vision Plan and <br /> modeled in the associated Financial Model . Approval authority over the Financial Plan <br /> by the parties to this agreement only applies to the Dedicated Local Transit Funding <br /> Sources . Any other funding sources comprising the Financial Plan should be provided by <br /> appropriate project sponsors ( as approved by their governing body ) during the Annual <br /> Work Program and /or Multi -Year Vision Plan development processes . <br /> b . If now or in the future the Special District consists of Orange County and one or more <br /> other counties, the Financial Plan shall only include funds that would be budgeted and <br />