HARRY HUGHES, Governor

5451

QUALIFIED MORTGAGE BOND ALLOCATIONS

WHEREAS, Section 103A(g) of the Internal Revenue Code of
1954, as amended by the Mortgage Subsidy Bond Tax Act
of 1980 (as so amended, the "Code"), limits the maximum
amount of bonds that may be issued for owner-occupied
housing in any state in calendar years 1981, 1982 and
1983, the interest on which shall be exempt from
taxation under the Code; and

WHEREAS, Section 103A(g) provides for an allocation of such
maximum amount of bonds, defined in Section 103A(g)(4)
of the Code as the "state ceiling," between and among
any state housing finance agency and other issuing
authorities within each state; and

WHEREAS, Section 103A(g)(6)(B) of the Code provides interim
authority for the governor of each state to proclaim a
different formula for allocating such state ceiling
among governmental units in the state having authority
to issue bonds for owner-occupied housing; and

WHEREAS, Chapter 488 of the 1981 Maryland Laws states that
it is the intention of the General Assembly that any
allocation of such state ceiling for calendar year 1981
be effected by the Governor of the State according to
Section 103A(g)(6)(B) of the Code;

WHEREAS, By Proclamation, dated August 20, 1981, the State
ceiling for calendar year 1981 was allocated among
governmental units in the State having authority to
issue bonds for owner-occupied housing; and

WHEREAS, It is necessary to modify the allocation made
pursuant to such Proclamation, and to make certain
other amendments;

NOW THEREFORE, I, HARRY HUGHES, GOVERNOR OF MARYLAND, acting
pursuant to such interim authority conferred upon me by
Section 103A(g)(6)(B)(i) of the Code and in conformity
with the expressed intention of the General Assembly,
DO HEREBY MODIFY the Proclamation of August 20, 1981 in
the following respects:

Section 1. Section 1 of the Proclamation is modified to
read as follows:

"(a) Subject to the terms and conditions
hereinafter set forth, $185,000,000 of such state ceiling
for the State for calendar year 1981 is hereby initially
allocated among the following eligible local issuers in the
respective amounts set opposite their names: