4120

EXECUTIVE ORDERS

As used in this Executive Order:

(a)  "Appellate Court" means the Court of Appeals of
Maryland and the Court of Special Appeals of
Maryland.

(b)  "Trial Court" means the District Court of
Maryland, the Circuit Court of a County, and a
court of the Supreme Bench of Baltimore City.]

8.  Effective Date

This Order is effective [April 24, 1982]
FEBRUARY 10, 1986.

9.  Applicability

The amendments made by this Order are applicable
to any judicial vacancy which occurs on or after
[April 24, 1982] FEBRUARY , 1986. The amendments
made by this Order do not affect the current terms
of any member of any Commission[, other than the
non-voting secretary. These members, other than
the non-voting secretary, shall serve until their
successors are duly chosen in accordance with this
Order].

EXECUTIVE ORDER OF FEBRUARY 14, 1986

01.01.1986.03

PROCLAMATION FOR VOLUME CAP ALLOCATION FOR
STATE GENERAL OBLIGATION BONDS ISSUED IN 1986

WHEREAS, a bill ("H.R. 3838") was approved by the United States
House of Representatives on December 17, 1985; and

WHEREAS, H.R. 3838 would amend the Internal Revenue Code of 1954,
as amended (the "Code"), among other things, to add a new
Section 145, establishing for each state a "state ceiling",
and for each issuing authority within a state an allocated
portion of such state ceiling designated a "volume cap", on
the dollar amount of most "nonessential function bonds" (as
defined in H.R. 3838) that may be issued in a calendar year;
and

WHEREAS, H.R. 3838 would also amend the Code to add a new Section
141, providing that, subject to certain exceptions, the
interest received by holders of state and local bonds would
be subject to Federal income taxation unless the issuer of
such bonds allocates a portion of its unused volume cap to