HARRY HUGHES, Governor

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absolute discretion, subject to the provisions of this
Proclamation, shall be conclusive, and shall not be subject to
review or approval (i) under either the Maryland Administrative
Procedure Act or any other law of the State of Maryland, or (ii)
by any other agency or political subdivision of the State of
Maryland.

Section 2. Initial Allocations. The Maryland State
Ceiling applicable to Private Activity Bonds which are subject to
the State Ceiling for each calendar year beginning with 1985
shall be initially allocated for the period from January 1
through September 30 of each calendar year as follows:

(a) Counties. A portion of the Maryland State
Ceiling for each calendar year beginning with 1985 is hereby
initially allocated among all of the counties of the State of
Maryland and the City of Baltimore (collectively, the "Counties"
and individually a "County") as follows:

(1)  (A) Each County ("Category 1 County") whose
average issuance of Private Activity Bonds over the preceding two
calendar years is equal to or less than $75 multiplied by the
County's population has an initial allocation of $75 per capita.

(B)  However, if a Category 1 County has
not issued 50% of its initial allocation by June 30 of each
calendar year, the Category 1 County's allocation shall as of the
end of June 30 of such year be reduced by 25%, and such 25%
reduction shall automatically be transferred to a reserve
maintained by the Secretary (the "Category 1 Reserve").

(C)  On or after July 1 of each calendar
year any Category 1 County which has exhausted its initial
allocation (including any reduced initial allocation) may apply
to the Secretary for an additional allocation from the Category 1
Reserve, and the Secretary shall make such allocation to the
Category 1 County on a first come, first served basis. No such
additional allocations shall be made until July 15 of each
calendar year unless the Secretary determines that an earlier
allocation is feasible. The procedures and requirements of
Section 6(b) shall apply to such additional allocation, except
that "September 30" is substituted for "December 31" in that
Section. No one Category 1 County may receive more than 15% of
the amount transferred to the Category 1 Reserve as of July 1 of
each calendar year.

(2)  Each County ("Category 2 County") whose
average issuance of Private Activity Bonds over the preceding two
calendar years is more than $75 multiplied by the County's
population has an initial allocation of $75 per capita plus an
increment equal to the lesser of (A) an amount that would
increase the initial allocation to 90% of the Category 2 County's
average issuance of Private Activity Bonds over the preceding two
calendar years or (B) $30,000,000.