4188

EXECUTIVE ORDERS

(3) For calendar years beginning with 1987,
"$50" is substituted for "$75" in paragraphs (1) and (2) above,
and "60%" and "20,000,000", respectively, are substituted for
"90%" and "$30,000,000" in paragraph (2) above.

(b)  State Issuers. A portion of the Maryland State
Ceiling for each calendar year beginning with 1985 as determined
by the Secretary but not to exceed 15% of the Maryland State
Ceiling is hereby initially allocated to the State to be
apportioned among State Issuers by the Secretary in his sole and
absolute discretion.

(c)  Municipal Corporations.

(1)  The Secretary shall allocate 5 percent of
the Maryland State Ceiling for each calendar year beginning in
1985 to any or all of the municipal corporations subject to the
provisions of Article XI-E of the Maryland Constitution (a
"Municipal Corporation").

(2)  The Secretary shall reserve allocations to
Municipal Corporations on a first come, first served basis, after
receipt of a written request from a Municipal Corporation to make
such allocation.

(3)  Any such request shall include evidence
that the Municipal Corporation has complied with the requirements
for public notice, public hearing, and public approval set forth
in the Tax Equity and Fiscal Responsibility Act of 1982, a copy
of a letter from bond counsel for any proposed issue of Private
Activity Bonds stating that the proposed bonds are Private
Activity Bonds for which an allocation is necessary in order to
issue such bonds in such calendar year, and any other information
that the Secretary may require.

(4)  Any reservation of an allocation made by
the Secretary pursuant to this Section 2(c) shall remain
effective so long as the respective Private Activity Bonds for
which such reservation is made are issued within 60 calendar days
from the date of such reservation, except that, for good cause
shown, the Secretary may extend the expiration date of any
reservation. Upon issuance of such Private Activity Bonds within
the 60 calendar day period or any extension made by the
Secretary, the reservation automatically converts to an
allocation pursuant to this Proclamation. However, no such
reservation or allocation under this subsection shall be
effective after September 30 of any calendar year.

(d)  Secretary's Reserve.

(1) The portion of the Maryland State Ceiling
not initially allocated or reserved to State and Local Issuers in
accordance with Section 2(a), (b), and (c) above and not held in
reserve by the Secretary under Section 2(a), (b), and (c) above
is hereby allocated to the State and constitutes the Secretary's