HARRY HUGHES, Governor                                          4193

financing on reasonable terms to finance the Project;

(b)  The competitive effect of the issuance of the
Private Activity Bonds on other business entities conducting
business activities similar to those of the borrower within the
jurisdiction of Issuer or, in the case of a State Issuer, within
the County in which the proposed Project is expected to be
located; and

(c)  The necessity for the issuance of Private
Activity Bonds for competitive economic development purposes to
insure job opportunities and to provide for a sufficient tax
base.

Section 8. Minority Consideration.

(a)  In addition to any other requirements imposed by
this Proclamation, the recipients of the proceeds of Private
Activity Bonds shall make best efforts to use minority firms, as
defined in Section 8-601 of Article 41 of the Annotated Code of
Maryland, as amended, in the construction of Projects or the
provision of services or supplies with such proceeds.

(b)  The Secretary may provide guidance in connection
with the efforts of such recipients to use minority firms; such
recipients shall provide any information on their efforts to the
Issuer or to the Secretary that the Issuer or the Secretary
request.

(c)  Any failure to comply with the provisions of this
Section 8 shall not in any way affect the validity of any Private
Activity Bonds issued pursuant to an allocation of the Maryland
State Ceiling under this Proclamation or the tax-exempt status of
any such Private Activity Bonds, including the tax-exempt status
of interest on such Private Activity Bonds.

Section 9. Transfer of Allocation. Except as provided in
Section 4 with respect to the transfer of a County's allocation
to Local Issuers within its boundaries, an Issuer receiving an
allocation pursuant to this Proclamation may not transfer any
portion of its allocation to any other Issuer except that,
notwithstanding any applicable law, charter, ordinance, or other
corporate document, any Issuer 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 in his sole and
absolute discretion.

Section 10. IRS Form 8038; Reports.

(a) Unless another Section of this Proclamation
requires a shorter time period, the Secretary shall receive a
copy of either the fully executed IRS Form 8038 filed or to be
filed with the IRS or the Section 266G Certificate within 10
working days after the date on which any Issuer issues Private