5450

PROCLAMATIONS

program documents in substantially final form;

(d)  Completed and filed with the Secretary of
the Department a feasibility and marketing study with
respect to the eligible local issuer's proposed obligations;

(e)  Completed and filed with the Secretary of
the Department a realistic time schedule for the marketing,
sale, and issuance by December 31, 1981 of the eligible
local issuer's proposed obligations; and

(f)   Filed with the Secretary of the Department
(i) a certificate by the eligible local issuer's underwriter
or financial advisor to the effect that sufficient moneys or
other security (other than proceeds of the proposed
obligations), in an amount necessary to make the proposed
obligations self-supporting and marketable as an investment
grade security, are available or have been committed to the
proposed obligations and (ii) if such moneys or other
security represent the proceeds of any tax, special
assessment or other governmental revenue or asset, an
opinion of bond counsel, designated by the eligible local
issuer and satisfactory to the Secretary of the Department,
to the effect that the proposed use and pledge of such
moneys or other security will not violate the Constitution
and laws of the State and any applicable charter, special
law, local ordinance or other corporate document of the
eligible local issuer or other governmental body providing
such moneys or other security.

Section 5. Except as provided in Section 2 of this
Proclamation, no eligible local issuer having an initial
allocation pursuant to Section 1(a) of this Proclamation
shall be authorized to transfer all or any portion of such
allocation to any other eligible local issuer.
Notwithstanding any applicable charter, special law, local
ordinance, or other corporate document, the legislative body
of each such eligible local issuer having an initial
allocation pursuant to Section 1(a) of this Proclamation is
hereby authorized, by appropriate legislative action taken
in the manner prescribed by law, to transfer such initial
allocation, or any portion thereof, to the Administration.

Section 6. This Proclamation shall take effect
immediately.

PROCLAMATION OF OCTOBER 2, 1981