EXECUTIVE ORDERS

(a)  Counties. A portion of the Maryland State Ceiling is
hereby initially allocated among those Local Issuers
which are counties of the State of Maryland and the
City of Baltimore (collectively, the "Counties" and
individually a "County") in an amount for each
County equal to the total of (1) fifty percent of
those amounts initially allocated under the Private
Activity Bond Proclamation for calendar year 1986
for the issuance of any bond for which an allocation
is required under H.R. 3838, and (2) $37.50
multiplied by its population for the issuance of any
amount of (A) qualified mortgage bonds, (B)
qualified veteran's mortgage bonds, and (C) bonds
for qualified residential rental projects (as
defined in H.R. 3838, and sometimes collectively
referred to as "housing bonds"). Any transfer of
such housing bond allocation by a County pursuant to
Sections 4 and 8 below shall be conditioned upon its
use by the transferee for housing bonds.

(b)  Municipal Corporations.

(1)  The Secretary shall initially allocate a
portion of the Maryland State Ceiling equal to
fifty percent of the amount allocated under the
Private Activity Bond Proclamation for
municipal corporations to any or all of those
Local Issuers which are municipal corporations
subject to the provisions of Article XI-E of
the Maryland Constitution (a "Municipal
Corporation") for the issuance of any bond for
which an allocation is required under H.R.
3838.

(2)  The Secretary shall reserve allocations to
Municipal Corporations on a first come, first
served basis, after receipt of a written
request from a Municipal Corporation to make
such allocation.

(3)  Any such request shall include evidence that
the Municipal Corporation has complied with the
requirements for public notice, public hearing,
and public approval set forth in Section 146(f)
of H.R. 3838, a copy of a letter from bond
counsel for any proposed issue of nonessential
function bonds stating that the proposed bonds
would be nonessential function bonds for which
an allocation would be necessary in order to
issue such bonds, and any other information
that the Secretary may require.

(4)  Any reservation of an allocation made by the

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