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HARRY HUGHES, Governor
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Reserve (the "Secretary's Reserve").
(2) The Secretary may at any time make an
allocation or a portion of the Secretary's Reserve to any State
or Local Issuer in any amount and in any order that the Secretary
in his sole and absolute discretion determines for facilities,
projects, or financings ("Projects") for which Private Activity
Bonds may be issued under Section 103(b) of the Code and that the
Secretary determines are unforeseen or special, including but not
limited to:
(A) Multi-county Projects for which no
allocation or reservations of allocations to an Issuer have been
made;
(B) Projects that are exempt under
Section 103(b)(4) of the Code and not subject to the $10,000,000
limitation under Section 103(b) (6) of the Code; and
(C) Projects of a State Issuer, County,
or Municipal Corporation that has exhausted its available initial
allocation, including any available allocation from any reserve
held for or available to that Issuer.
(3) In exercising discretion in the allocation
of the Secretary's Reserve, the Secretary shall give highest
priority to those Projects that most advance established State
policies by:
(A) Creating significant job
opportunities;
(B) Locating job creating facilities in
enterprise zones or areas of high unemployment, urban
redevelopment, or planned unit development;
(C) Improving air and water quality or
the reduction, recycling, or treatment of solid or hazardous
wastes;
(D) Assisting in the expansion or
modernizing of existing Maryland industry and the attraction of
new and diverse firms to this State;
(E) Otherwise promoting the health,
safety, or welfare of the citizens of this State; and
(F) Providing opportunities for minority
business enterprises, as defined in Section 8-601 of Article 21
of the Annotated Code of Maryland, as amended, as borrower or as
a contractor or subcontractor for construction, services, or
supplies.
(4) (A) In its application for an allocation,
an applicant shall justify its request for an allocation against
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