Ch. 598                                    LAWS OF MARYLAND

THE MARYLAND STATE CEILING SHALL BE INITIALLY ALLOCATED FOR
THE PERIOD FROM THE FIRST DAY OF EACH CALENDAR YEAR THROUGH
SEPTEMBER 30 OF THE SAME YEAR, AS FOLLOWS:

(1) (I) THERE IS ALLOCATED TO THE COUNTIES A TOTAL OF
40 50 PERCENT OF THE MARYLAND STATE CEILING, CONSISTING OF 25
35 PERCENT OF THE MARYLAND STATE CEILING DESIGNATED INITIALLY FOR
THE ISSUANCE OF HOUSING BONDS AND 15 PERCENT OF THE MARYLAND
STATE CEILING DESIGNATED FOR THE ISSUANCE OF BONDS OTHER THAN
HOUSING BONDS.

(II)  THE ALLOCATION TO EACH COUNTY FOR HOUSING
BONDS SHALL EQUAL 25 35 PERCENT OF THE MARYLAND STATE CEILING
MULTIPLIED BY A FRACTION, THE NUMERATOR OF WHICH IS THE
POPULATION OF THE COUNTY AND THE DENOMINATOR OF WHICH IS THE
POPULATION OF THE STATE OF MARYLAND.

(III)  THE ALLOCATION TO EACH COUNTY FOR BONDS
OTHER THAN HOUSING BONDS SHALL BE COMPOSED OF:

1.  A MINIMUM ALLOCATION EQUAL TO 12
PERCENT OF THE MARYLAND STATE CEILING MULTIPLIED BY A FRACTION,
THE NUMERATOR OF WHICH IS THE POPULATION OF THE COUNTY AND THE
DENOMINATOR OF WHICH IS THE POPULATION OF THE STATE OF MARYLAND,
AND

2.  A BONUS ALLOCATION EQUAL TO 3 PERCENT
OF THE MARYLAND STATE CEILING MULTIPLIED BY A FRACTION, THE
NUMERATOR OF WHICH SHALL BE THE AVERAGE ISSUANCE OF BONDS OTHER
THAN HOUSING BONDS BY THE COUNTY FOR THE IMMEDIATELY PRECEDING 3
CALENDAR YEARS, AND THE DENOMINATOR OF WHICH SHALL BE THE AVERAGE
ISSUANCE OF BONDS OTHER THAN HOUSING BONDS BY ALL COUNTIES FOR
THE IMMEDIATELY PRECEDING 3 CALENDAR YEARS.

(IV)  ANY COUNTY MAY REDESIGNATE ANY PORTION OF
ITS HOUSING BOND ALLOCATION FOR THE ISSUANCE OF ANY OTHER BONDS
FOR WHICH AN ALLOCATION IS REQUIRED UNDER THE CODE IF SUCH
REDESIGNATION IS APPROVED BY THE MAYOR, COUNTY EXECUTIVE, OR
BOARD OF COUNTY COMMISSIONERS. ANY TRANSFER BY A COUNTY OF ANY
PORTION OF ITS HOUSING BOND ALLOCATION UNDER THIS SUBTITLE SHALL
BE CONDITIONED UPON ITS USE BY THE TRANSFEREE FOR HOUSING BONDS.

(V) NO PORTION OF THE ALLOCATION TO EACH COUNTY
FOR OTHER THAN HOUSING BONDS MAY BE USED FOR THE ISSUANCE OF
HOUSING BONDS.

(2) (I) THERE IS ALLOCATED TO THE SECRETARY FOR
REALLOCATION TO MUNICIPALITIES 2.5 PERCENT OF THE MARYLAND STATE
CEILING. THE SECRETARY SHALL PROCESS REQUESTS FOR ALLOCATIONS TO
MUNICIPALITIES IN THE ORDER IN WHICH COMPLETED REQUESTS ARE
RECEIVED BY THE SECRETARY.

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