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WILLIAM DONALD SCHAEFER, Governor Ch. 598
(II) A COMPLETED REQUEST FROM A MUNICIPALITY
SHALL INCLUDE:
1. EVIDENCE THAT THE MUNICIPALITY HAS
COMPLIED WITH THE REQUIREMENTS FOR PUBLIC NOTICE, PUBLIC HEARING,
AND PUBLIC APPROVAL ESTABLISHED BY THE CODE;
2. A COPY OF A LETTER FROM BOND COUNSEL
FOR SUCH PROPOSED ISSUE TO THE EFFECT THAT AN ALLOCATION WOULD BE
NECESSARY IN ORDER TO ISSUE SUCH BONDS AS TAX-EXEMPT UNDER THE
CODE; AND
3. ANY OTHER INFORMATION AS THE SECRETARY
MAY REQUIRE.
(III) ANY RESERVATION OF ALLOCATION PURSUANT TO
THIS PARAGRAPH SHALL REMAIN EFFECTIVE UNTIL THE EARLIER TO OCCUR
OF:
1. RECEIPT OF NOTICE TO THE SECRETARY
FROM THE MUNICIPALITY WITHDRAWING ITS REQUEST FOR AN ALLOCATION;
2. THE END OF THE 60TH CALENDAR DAY
FOLLOWING THE DATE ON WHICH THE RESERVATION WAS MADE WITHOUT THE
BONDS HAVING BEEN ISSUED, EXCEPT THAT THE SECRETARY, FOR GOOD
CAUSE SHOWN, MAY EXTEND THE EXPIRATION DATE FOR ANY SUCH
RESERVATION OF ALLOCATION; AND
3. SEPTEMBER 30 OF THE CALENDAR YEAR IN
WHICH THE RESERVATION WAS ISSUED WITHOUT THE BONDS HAVING BEEN
ISSUED BY SUCH DATE.
(IV) UPON THE ISSUANCE OF ANY BONDS PURSUANT TO
A RESERVATION OF ALLOCATION WHICH REMAINS EFFECTIVE ON THE DATE
OF SUCH ISSUANCE, THE RESERVATION SHALL AUTOMATICALLY CONVERT TO
AN ALLOCATION UNDER THIS SECTION.
(3) THERE IS ALLOCATED TO THE COMMUNITY DEVELOPMENT
ADMINISTRATION 25 PERCENT OF THE MARYLAND STATE CEILING FOR THE
ISSUANCE OF HOUSING BONDS.
(4) (I) THERE IS ALLOCATED TO THE SECRETARY FOR THE
SECRETARY'S RESERVE 32.5 22.5 PERCENT OF THE MARYLAND STATE
CEILING FOR USE IN ACCORDANCE WITH THIS PARAGRAPH. THE SECRETARY
MAY AT ANY TIME MAKE ANY ALLOCATION OF A PORTION OF THE
SECRETARY'S RESERVE TO ANY STATE ISSUER OR LOCAL ISSUER IN ANY
AMOUNT AND IN ANY ORDER THAT THE SECRETARY, IN THE SECRETARY'S
SOLE DISCRETION, MAY DETERMINE WILL ADVANCE ONE OR MORE OF THE
GOALS DESCRIBED IN SUBPARAGRAPH (III) OF THIS PARAGRAPH.
(II) IN MAKING ALLOCATIONS FROM THE SECRETARY'S
RESERVE, PREFERENCE SHALL BE GIVEN TO PROJECTS OF STATE ISSUERS
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