HARRY HUGHES, Governor

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the Secretary's proposal no later than November 1,
1984.

(d)  No later than November 15, 1984, the Secretary shall
make a final allocation of the Maryland State
Ceiling for the balance of the calendar year 1984.
(the "Final Allocation").

(e)  Notwithstanding any of the provisions of this
Section 6, the Secretary may not reduce ' the
allocation of any State Issuer, County, Municipal
Corporation or other Local Issuer below the amount
of any Private Activity Bonds subject to the State
Ceiling and actually issued before the promulgation
of the Final Allocation in reliance on previous
allocations.

Section 7. Projections for 1985 by Maryland Governmental
Units. On or before December 1, 1984, each State Issuer,
County and Municipal Corporation which has either issued
Private Activity Bonds in calendar years 1983 or 1984 or
intends to issue Private Activity Bonds in calendar year
1984 shall submit to the Secretary a report describing (a)
its plans or present intentions to issue Private Activity
Bonds during the calendar year 1985, specifying, to the
extent possible, the information required in Section 4(a)(2)
above and indicating the extent to which any issue of
Private Activity Bonds may be entitled to priority during
1985, and (b) its intention to carry forward all or any
portion of its Final Allocation into calendar year 1985 (if
permitted by the Code). Each County report shall also
contain the plans or present intentions of Local Issuers
(other than Municipal Corporations) within its boundaries as
described in Section 4(a)(2) above.

Section 8. Transfer of Allocation. Except as provided in
Section 2 with respect to the transfer of a County's
allocation to Local Issuers within its boundaries, a
Maryland Governmental Unit receiving an allocation pursuant
to this Proclamation may not transfer any portion of its
allocation to any other Maryland Governmental Unit except
that, notwithstanding any applicable law, charter,
ordinance, or other corporate document, any State Issuer,
County, or Municipal Corporation receiving an allocation
pursuant to this Proclamation may transfer any portion of
its allocation to the State of Maryland. The Secretary may
at any time re-allocate any such transferred allocations.

Section 9. Internal Revenue Form 8038. Any Maryland
Governmental Unit which issues Private Activity Bonds after
the date of this Proclamation shall file with the Secretary
a copy of the Internal Revenue Form 8038 for each such bond
issue contemporaneously with the written statement required
to be filed with the Secretary pursuant to Article 41,
section 266G of the Annotated Code of Maryland if a written