Title
Amendment to Add CAMPO as a Party to the Interlocal Agreement for the Administrative Distribution of the Wake County $7 Vehicle Registration Tax
Bret Martin, MPO Staff
Body
The Interlocal Agreement for the Administrative Distribution of the Wake County $7 Vehicle Registration Tax ($7 Vehicle Registration Tax ILA) authorizes the remittance of municipalities' allocations of $7 vehicle registration tax revenues to the Triangle Tax District, Wake Operating Fund, which is the fund into which all Wake County transit tax revenues (including the sales tax, vehicle registration taxes, and vehicle rental taxes) are deposited. This fund is managed by GoTriangle as the assigned administrator of the Triangle Tax District. The $7 vehicle registration tax is assumed as a revenue source, along with other sources, to balance against planned expenditures related to the projects contained in the adopted Wake County Transit Plan. This $7 Vehicle Registration Tax ILA originally included as signing parties GoTriangle, Wake County and the municipalities in Wake County that currently operate a public transportation system as defined by N.C.G.S. 105-506.1. The Wake County Board of Commissioners authorized the levy of the $7 vehicle registration tax at its December 5, 2016, meeting, and collection of the $7 vehicle registration tax is anticipated to begin in the first or second quarter of FY 2018.
As a condition of agencies receiving Wake County transit tax revenues to implement projects they plan to sponsor, the Wake Transit Master Participation Agreement (MPA), which includes all municipalities in Wake County as eligible participant parties, requires those municipalities to be added as parties to the $7 Vehicle Registration Tax ILA. Wake County has developed an instrument to amend the $7 Vehicle Registration Tax ILA to include all municipal parties to the MPA as parties to the $7 Vehicle Registration Tax ILA. Within the coming months, municipalities that were not originally par...
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