WILLIAM DONALD SCHAEFER, Governor                   Ch. 598

ceiling and the allocation share for each county and each
eligible local issuer and allocate from the Administration to
each eligible local issuer that submits a request prior to March
1 of that year a portion of the State ceiling equal to its
allocation share or in the case of any eligible local issuer
which had issued bonds prior to January 1, 1981, for the purpose
of financing single-family residences, the greater of its
allocation share or the amount of bonds determined by the
Secretary to be available to that eligible local issuer in
accordance with § 103A(g)(3) of the Code.

5.  The Administration shall make
reasonable efforts to sell bonds in an amount not less than the
allocation shares of every county, less any amounts allocated to
any eligible local issuers, and increased by the amount of any
allocation or portion of an allocation which is transferred to
the Administration prior to March 1 of that year. The
Administration shall make these bond proceeds available through
program guidelines developed by the Administration in cooperation
with the participating counties for loans to individuals buying
or repairing homes in each county in an amount not less than the
county's respective allocation share, less any amount retained by
an eligible local issuer within the county, and less a pro rata
amount corresponding to bonds issued for costs of issuance,
underwriters' profit, capitalized interest or reserves. These
bond proceeds shall be held available for these uses for a period
of at least 6 months, subject to extension upon the request of a
participating county for a reasonable period of time and under
circumstances where the extended period will not impair the
Administration's ability to pay the debt service on the bonds or
to assure the repayment of the bonds and under circumstances
where the extended period is not likely to necessitate the early
redemption of any of the bonds. The participating counties and
the Administration shall enter into an agreement stipulating the
terms of the reimbursement of any contribution required from a
county based on projected estimates by the Administration of when
the reimbursement is feasible and the circumstances under which
all or part of the contribution may be used by the Administration
for the repayment of any bonds which the contribution is intended
to secure. The requirement that the Administration sell these
bonds is not binding if the Secretary determines the cost thereof
or the market therefor to be inconsistent with the public
purposes of the program or the financial soundness of the bonds.
Further, this requirement does not take preference or priority
over any other issuance of bonds by the Administration.

6.  If any eligible local issuer seeks to
issue qualified mortgage bonds before the Secretary makes a
determination under sub-subparagraph 4, the issuer shall so
inform the Secretary and the Secretary promptly shall estimate
the eligible local issuer's share of the State ceiling and
immediately shall allocate this amount to this issuer. Should
the Secretary subsequently determine that the actual allocation

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