4172                                              EXECUTIVE ORDERS

Secretary shall make an allocation therefor as
provided in Section 3(a) below, and

(c) Except as provided in Section 1(c)(2) above with
respect to Municipal Corporations, a Local Issuer
other than a County may not (i) receive any
allocation of any portion of the Maryland State
Ceiling other than pursuant to this Section 2 or
(ii) directly request any allocation or additional
allocation of the Secretary.

Section 3. Phase-in Allocation for Previously Issued Bonds.

(a)  If any Municipal Corporation has issued Private
Activity Bonds which are subject to the State
Ceiling before the date of this Proclamation, such
Municipal Corporation shall immediately notify the
Secretary in writing of the total dollar volume of
such Bonds and shall submit a written request for an
allocation meeting the requirements of Section
1(c)(2) above. Upon receipt of such notice and
request, the Secretary shall to the extent possible
immediately make an allocation to such Municipal
Corporation from that portion of the Remaining
Allocation that the Secretary may allocate pursuant
to Section 1(c)(2) above, but only to the extent
that such an allocation is available under Section
1(c)(2).

(b)  If the total dollar volume of Private Activity Bonds
issued before the date of this Proclamation by a
County and all other Local Issuers within that
County's boundaries (excluding any Private Activity
Bonds for which the Secretary makes an allocation
pursuant to Section 3(a) above) and subject to the
State Ceiling, is greater than that County's initial
allocation set forth in Section 1(a) above, that
County shall notify the Secretary in writing of such
dollar volume. Upon the receipt of such notice, the
Secretary shall, to the extent possible, immediately
increase the allocation of such County in an amount
equal to the amount by which such total dollar
volume is greater than the County's allocation set
forth in Section 1(a) above. The amount of any
additional allocation made pursuant to this Section
3(b) shall be taken from that portion of the
Remaining Allocation that the Secretary may allocate
pursuant to Section 1(c)(1) above, but only to the
extent that such an allocation is available under
Section 1(c)(1) above.

Section 4. Projections for 1984 by Maryland Governmental
Units.

(a) On or before August 15, 1984 each State Issuer,