Common use of Implementation Agreements Clause in Contracts

Implementation Agreements. The Parties to this Participation Agreement acknowledge that all Implementation Elements contained in the Wake Transit Work Plan, whether partially or fully funded with Wake County Transit Tax Revenues, will not move forward until Implementation Agreements, which shall include a Capital Funding Agreement and an Operating Agreement, are executed by and between the Party or Parties and GoTriangle, as administrator of the Special District. Each Capital Funding Agreement and Operating Agreement shall contain all elements in the definitions of such agreements as set forth in this Participation Agreement. If any Implementation Agreement involves federal or state funding that is otherwise under the distribution and program management responsibility of CAMPO or, regardless of funding source, constitutes a regionally significant project as defined in 23 CFR § 450.104, CAMPO shall also be a party to the agreement. The purpose of this Section is to acknowledge, as defined, the minimum requirements of Implementation Agreements. Nothing herein shall be construed to bind a future governing board of a Party or otherwise alter its ability to negotiate or approve the contents of an Implementation Agreement.