1968

LAWS OF MARYLAND

Ch. 488

3.  BEFORE NOVEMBER 1 OF EACH YEAR, THE
SECRETARY SHALL CAUSE THESE DETERMINATIONS TO BE PUBLISHED
IN THE MARYLAND REGISTER. BEFORE DECEMBER 1 OF EACH YEAR,
THE SECRETARY SHALL SUBMIT TO THE ADMINISTRATIVE, EXECUTIVE
AND LEGISLATIVE REVIEW COMMITTEE (AELR COMMITTEE) OF THE
GENERAL ASSEMBLY FOR ITS APPROVAL AND PUBLISH IN THE
MARYLAND REGISTER, A REPORT CONTAINING THE GUIDELINES UNDER
WHICH THAT PORTION OF THE STATE CEILING NOT APPORTIONED
AMONG THE COUNTIES PURSUANT TO THIS PARAGRAPH SHALL BE
ADMINISTERED. THE AELR COMMITTEE SHALL ACT WITHIN 30 DAYS TO
APPROVE OR DISAPPROVE THE GUIDELINES.

4.  AS EARLY AS PRACTICABLE IN EACH
CALENDAR YEAR THE SECRETARY SHALL COMPUTE THE AMOUNT OF THE
STATE CEILING AND THE ALLOCATION SHARE FOR EACH COUNTY AND
EACH ELIGIBLE LOCAL ISSUER AND ALLOCATE FROM THE
ADMINISTRATION TO EACH ELIGIBLE LOCAL ISSUER THAT SUBMITS A
REQUEST PRIOR TO MARCH 1 OF THAT YEAR A PORTION OF THE STATE
CEILING EQUAL TO ITS ALLOCATION SHARE OR IN THE CASE OF ANY
ELIGIBLE LOCAL ISSUER WHICH HAD ISSUED BONDS PRIOR TO
JANUARY 1, 1981, FOR THE PURPOSE OF FINANCING SINGLE-FAMILY
RESIDENCES, THE GREATER OF ITS ALLOCATION SHARE OR THE
AMOUNT OF BONDS DETERMINED BY THE SECRETARY TO BE AVAILABLE
TO THAT ELIGIBLE LOCAL ISSUER IN ACCORDANCE WITH SECTION
103A(G)(3) OF THE CODE.

5.  THE ADMINISTRATION SHALL MAKE
REASONABLE EFFORTS TO SELL BONDS IN AN AMOUNT NOT LESS THAN
THE ALLOCATION SHARES OF EVERY COUNTY, LESS ANY AMOUNTS
ALLOCATED TO ANY ELIGIBLE LOCAL ISSUERS, AND INCREASED BY
THE AMOUNT OF ANY ALLOCATION OR PORTION OF AN ALLOCATION
WHICH IS TRANSFERRED TO THE ADMINISTRATION PRIOR TO MARCH 1
OF THAT YEAR. THE ADMINISTRATION SHALL MAKE THESE BOND
PROCEEDS AVAILABLE THROUGH PROGRAMS OF THE ADMINISTRATION
FOR LOANS TO INDIVIDUALS BUYING OR REPAIRING HOMES IN EACH
COUNTY IN AN AMOUNT NOT LESS THAN THE COUNTY'S RESPECTIVE
ALLOCATION SHARE, LESS ANY AMOUNT RETAINED BY AN ELIGIBLE
LOCAL ISSUER WITHIN THE COUNTY, AND LESS A PRO RATA AMOUNT
CORRESPONDING TO BONDS ISSUED FOR COSTS OF ISSUANCE,
UNDERWRITERS' PROFIT, CAPITALIZED INTEREST OR RESERVES.
THESE BOND PROCEEDS SHALL BE HELD AVAILABLE FOR THESE USES
FOR A PERIOD OF AT LEAST 4 MONTHS. THE REQUIREMENT THAT THE
ADMINISTRATION SELL THESE BONDS IS NOT BINDING IF THE
SECRETARY DETERMINES THE COST THEREOF OR THE MARKET THEREFOR
TO BE INCONSISTENT WITH THE PUBLIC PURPOSES OF THE PROGRAM
OR THE FINANCIAL SOUNDNESS OF THE BONDS. FURTHER, THIS
REQUIREMENT DOES NOT TAKE PREFERENCE OR PRIORITY OVER ANY
OTHER ISSUANCE OF BONDS BY THE ADMINISTRATION.

4. 6. IF ANY ELIGIBLE LOCAL ISSUER SEEKS
TO ISSUE QUALIFIED MORTGAGE BONDS BEFORE THE SECRETARY MAKES
A DETERMINATION UNDER SUB-SUBPARAGRAPH 3 4, THE ISSUER SHALL
SO INFORM THE SECRETARY AND THE SECRETARY PROMPTLY SHALL
ESTIMATE THE ELIGIBLE LOCAL ISSUER'S SHARE OF THE STATE
CEILING AND IMMEDIATELY SHALL ALLOCATE THIS AMOUNT TO THIS
ISSUER. SHOULD THE SECRETARY SUBSEQUENTLY DETERMINE THAT