WILLIAM DONALD SCHAEFER, Governor

WHEREAS, This Proclamation amends the Executive Order dated
February 14, 1986 known as the Proclamation for Volume Cap
Allocation for State General Obligation Bonds Issued in 1986
(the "State Bond Proclamation"), by reducing the allocation
made to the Board of Public Works for State general
obligation bonds issued in 1986 from $30,000,000 to
$10,000,000; and

WHEREAS, This Proclamation does not amend or supersede Executive
Order 01.01.1985.01 dated January 14, 1985, known as the
Proclamation on Private Activity Bond Allocations for 1985
and Later (the "Private Activity Bond Proclamation"), as
subsequently amended, so that Issuers issuing private
activity bonds under the Code must comply with the Private
Activity Bond Proclamation and must also comply with this
Proclamation where both are pertinent to the bonds involved;
and

WHEREAS, Advice has been solicited from representatives of
Issuers and other interested persons regarding the revised
allocation formula; and

WHEREAS, This Proclamation is intended to alter the method of
allocating the unified volume limitation for Maryland by
establishing a different formula from that set forth in H.R.
3838 for allocating such unified volume limitation among
Maryland Issuers.

NOW, THEREFORE, I, HARRY HUGHES, GOVERNOR OF MARYLAND, DO HEREBY
PROCLAIM the following formula for allocating the Maryland
State Ceiling as a substitute for the formula set forth in
H.R. 3838:

Section 1. Delegation to Secretary of Economic and
Community Development. The Governor hereby delegates to the
Secretary of Economic and Community Development (the
"Secretary") all authority to make any and all allocations,
apportionments, determinations, or findings required or
permitted by this Proclamation. The Secretary may delegate
such authority to the Deputy Secretary of Economic and
Community Development. Any allocations, apportionments,
determinations, and findings of the Secretary shall be made
in his sole and absolute discretion, subject to the
provisions of this Proclamation, and shall be conclusive,
and shall not be subject to review or approval (a) under
either the Maryland Administrative Procedure Act or any
other law of the State of Maryland, or (b) by any agency or
political subdivision of the State of Maryland.

Section 2. Initial Allocations. The Maryland State Ceiling
shall be initially allocated for the period beginning with
the date hereof through September 30, 1986 as follows:

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