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September 20, 2010 (Regular Meeting) Page 143 continuing to constitute a `qualified school construction bond" within the meaning of Section 54F of the Code. As required by Section 54F(a)(3) of the Code, the County hereby designates each of the Certificates and /or Bonds as a "qualified school construction bond." The Chairman of the Board of Commissioners, the County Manager or the Director of Finance are each hereby delegated the authority to make the election under Section 6431(f) (3) (B) of the Code to treat the Certificates and /or Bonds as "specified tax credit bonds" within the meaning of Section 6431(f) of the Code on or before the issue date of the Certificates and /or Bonds. Section This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Carruth, seconded by Commissioner Poole, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $14,637,160 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND /OR LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS" was adopted and passed by the following vote: AYES: Chairman H. Jay White, Sr., Vice Chairman Elizabeth F. Poole and Commissioners Robert W. Carruth, Grace M. Mynatt and Coy C. Privette NOES: None Note: The Public Hearing Notice was published on August 27, 2010 in THE INDEPENDENT TRIBUNE. The Public Hearing Notice was also posted on the County's website ( www.cabarrus county. us ) on August 3, 2010 in accordance with Article 2, Administration, Section 2.1 (Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code of Ordinances. (G -6) Commerce - Consent Agreement and School Capacity Information for Deer Run Phase 3 Subdivision Susie Morris, Planning and Zoning Manager, presented the following information regarding a Consent Agreement for the Deer Run Phase 3 subdivision: The Deer Run Phase 3 subdivision was approved by the Town of Midland Planning and Zoning Board on June 3, 2008. The project consists of 14 single- family residential lots on +/- 22.93 acres located on White Tail Lane. The specifics of the agreement are as follows: • Developer - Summerhill Developers, Inc., 14675 Hopewell Church Road, Midland, NC 28107. • Payment of $4,034.00 per lot to be paid prior to final platting. • Proposed build out schedule is no more 7 single- family lots to be platted in 2010; and, no more than 7 single- family lots to be platted in 2011. The APFO worksheet filled out by Mr. Robert Kluttz with Cabarrus County Schools indicates that schools impacted by the Deer Run Phase 3 subdivision are currently functioning at the following capacities: Bethel Elementary School - 78.69% C.C. Griffin Middle School - 126.44% Central Cabarrus High School - 82.71% Including previously approved subdivisions and additional capacity from funded improvements in the 2009 -2010 Capital Improvement Plan (CIP), these schools will be functioning at the following capacity upon completion of the Deer Run Phase 3 subdivision: Bethel Elementary School - 148.083% C.C. Griffin Middle School - 182.56% Central Cabarrus High School - 130.55%