Ch. 632

LAWS OF MARYLAND

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
for that issuer is higher or lower than the estimated amount, he
may reallocate the higher or lower amount or may retain the same
reallocated amount. However, a reduction may not be made if the
issuer has already sold bonds in reliance upon the Secretary's
original allocation.

7.  The Secretary is authorized further in
his discretion to reallocate from the Administration to an
eligible local issuer or an eligible State issuer any portion of
the State ceiling not otherwise required to be reallocated to
eligible local issuers pursuant to sub-subparagraph 4.

(iv) Notwithstanding the provisions of any
legislation, charter, or other legal instrument granting the
authority to issue qualified mortgage bonds, any eligible local
issuer is authorized to transfer to the Administration, pursuant
to a resolution, ordinance, or other appropriate legislative
action, the issuer's share of the State ceiling for any calendar
year. That legislative action is irrevocable upon adoption of
enactment in accordance with law. An eligible local issuer may
not transfer its allocation to any other jurisdiction.

(v) It is the intention of the General Assembly
that any allocation of the State ceiling for calendar year 1981
be effected by the Governor according to § 103A(g)(6)(B) of the
Code.]

[(18)] (17) (i) Make, purchase, and participate in
making loans for any infrastructure project or to purchase any

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