WILLIAM DONALD SCHAEFER, Governor                    Ch. 632

of the average area purchase price as determined by the
Secretary. The Secretary's determination may be based on a
reasonable approximation and shall be conclusive for purposes of
determining these proportionate shares.

2.  If two or more eligible local issuers
have overlapping jurisdictions, then the Secretary shall
determine how the proportionate share for each affected county
will be allocated among these issuers. If the only eligible
issuers in a county do not have countywide jurisdiction, the
Secretary shall determine the portion of that county's
proportionate share available for allocation to these eligible
local issuers.

3.  Before November 1 of each year, the
Secretary shall cause these determinations to be published in the
Maryland Register. Before December 1 of each year, the Secretary
shall publish in the Maryland Register, a report containing the
guidelines under which that portion of the State ceiling not
apportioned among the counties pursuant to this paragraph shall
be administered.

4.  As early as practicable in each
calendar year the Secretary shall compute the amount of the State
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

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