Orange County NC Website
Browse       Search
ARTICLE 2 <br /> DEFINITIONS <br /> 2 . 01 " CAPITAL FUNDING AGREEMENT ' An agreement between agencies to provide a <br /> specified amount of funding for an Implementation Element. Any such agreement will include <br /> details of the capital improvements to be provided and detail expectations on Orange County <br /> Transit Annual Work Program resource funding, responsibilities , schedule, reporting and <br /> performance and shall adhere to any and all standards outlined in specific project worksheets <br /> through the Orange County Transit Annual Work Program . <br /> 2 . 02 " CAPITAL PROJECTS ORDINANCE : " The annual financial ordinance for the <br /> Orange Transit major capital fund pursuant to N . C . G . S . Chapter 159, tied to the multi-year <br /> Capital Improvement Plan, the Annual Capital Budget, and planned capital project funding <br /> agreements that implement needed capital projects . <br /> 2 . 03 " COMPONENT UNIT or SEPARATE COMPONENT UNIT : " A unit of local <br /> government within the Tax District that has administrative responsibility for the budget <br /> adoption, operation or, management of specified transit services and associated supporting <br /> implementation elements . The component unit is required to report Orange County Transit <br /> Plan Revenues, including Dedicated Local Transit Funding Sources , expenditures and fund <br /> balance in columns separate from the component ' s financial data in its annual audited <br /> statements . <br /> 2 . 04 " GOVERNANCE INTERLOCAL AGREEMENT " or " GOVERNANCE ILA : " The <br /> Transit Governance Interlocal Agreement dated March 8 , 2023 between Research Triangle <br /> Regional Public Transportation Authority ( " GoTriangle " ) , Durham- Chapel Hill- Carrboro <br /> Metropolitan Planning Organization ( " DCHC MPO " ), and Orange County for implementing <br /> public transit services and projects in the fiscally constrained Orange County Transit Multi- <br /> Year Vision Plan. This Governance ILA is included as , Exhibit A to this Agreement. <br /> 2 . 05 " IMPLEMENTATION ELEMENT ; " A discrete project, operation, or study or a discrete <br /> logical grouping of projects, operations, or studies tracked separately by the Orange County <br /> Transit Annual Work Program . <br /> 2 . 06 "IMPLEMENTATION PARTNERS : " The listed signatories to this agreement who are <br /> non-voting members of the Orange County SWG. These implementation partners have roles <br /> supporting implementing elements of the Orange County Transit Annual Work Program. <br /> These partners fulfill their roles and responsibilities as outlined in specific project agreements <br /> to deliver approved implementation elements in the Orange County Transit Annual Work <br /> Program along with the Dedicated Local Transit Funding Sources approved in these project <br /> specific agreements . <br /> 2 . 07 " MAJOR FUND ` A fund as defined by the Governmental Accounting Standards Board <br /> ( " GASB " ) , is reported in a separate column in the basic fund financial statements and is <br /> subject to a separate audit opinion in the independent auditor' s report . The Tax District shall <br /> 4 <br />