HARRY HUGHES, Governor

4185

refunded obligation), but do not include (i) industrial
development bonds issued pursuant to Section 103(b)(4)(A) of the
Code to finance multi-family housing or any public housing
program obligation under Section 11(b) of the United States
Housing Act of 1937, (ii) obligations issued to finance certain
governmentally owned convention or trade show facilities, as
described in Section 103(b)(14)(C) of the Code, (iii) obligations
issued to finance certain governmentally owned airports, docks,
wharves, mass commuting facilities (including mass commuting
vehicles), or storage or training facilities directly relating to
any of the foregoing, as described in Section 103(b)(4)(D) of the
Code or (iv) obligations issued to finance parking facilities
related to those facilities described in Section 103(b) (4)(D) of
the Code; and

WHEREAS, Section 103(n) provides that the State Ceiling
applicable to any State for calendar years 1985 and 1986 shall be
an amount equal to the greater of (1) $150 multiplied by the
State's population, as determined by the most recent census
estimate of the resident population of the State published by the
Bureau of Census before the beginning of such calendar year or
(2) $200,000,000; and

WHEREAS, Section 103(n) provides that, in the case of
calendar years after 1986, "$100" shall be substituted for the
"$150" referred to in the immediately preceding paragraph; and

WHEREAS, Section 103(n) establishes a formula for allocating
the State Ceiling among issuing authorities within each State;
and

WHEREAS, Section 103(n) also provides that a State may by
law provide a different formula for allocating the State Ceiling
among the governmental units in such State having authority to
issue Private Activity Bonds ("Governmental Units"); and

WHEREAS, Section 103(n) provides that the governor of any
State may proclaim a different formula for allocating the State
Ceiling among the Governmental Units in such State, except that
this authority of the governor shall not apply after the earlier
of (i) the first day of the first calendar year beginning after
the legislature of the State has met in regular session for more
than 60 days after the date of the enactment of Section 103(n),
or (ii) the effective date of any State legislation with respect
to the allocation of the State Ceiling; and

WHEREAS, A-ll of Section 1.103(n)-3T of the Temporary
Regulations provides that, if on or before either date described
in the immediately preceding paragraph the governor of any State
exercises the authority to provide a different allocation, such
allocation shall be effective until the date specified in clause
(ii) of the immediately preceding paragraph; and

WHEREAS, under the provisions of Section 103(n) and the
Temporary Regulations the Governor of Maryland has the authority