WILLIAM DONALD SCHAEFER, Governor
(3) General Rules.

(A)  The Secretary shall make a reallocation
for housing bonds first from that portion
of the Maryland State Ceiling identified
in Section 6(b)(1) above until such
portion is exhausted and second from any
other available portion of the Maryland
State Ceiling.

(B)  The Secretary shall make a reallocation
for 501(c)(3) bonds first from that
portion of the Maryland State Ceiling
identified in Section 6(b)(2) above until
such portion is exhausted and second from
any other available portion of the
Maryland State Ceiling.

(C)  Issuers may request a reallocation for a
specific Project by filing with the
Secretary a draft of the information
report required by Section 149(e) of H.R.
3838 (the "Information Report"), and the
information required by Sections 2(d)(4)
and (5) above, plus any additional
information required by Section 6(b)(1)
above for housing bonds. The Secretary
shall make a reservation of any
reallocation in writing.

(D)  A reservation made by the Secretary under
Section 6(b)(3)(B) above shall expire as
follows: (i) for privately placed bonds,
15 days after the reservation date; (ii)
for a public sale of bonds, 21 days after
the reservation date; provided however
that any reservation for housing bonds
granted pursuant to Section 6(b)(1) above
shall expire no later than November 15,
1986, and any reservation for other
nonessential function bonds shall expire
no later than December 30, 1986.

(E)  The Issuer named on the draft Information
Report shall indicate, either (1) on the
draft Information Report or (2) by cover
letter attached to the draft Information
Report whether the proposed bond issue is
being privately placed or publicly sold
and type of nonessential function bonds to
be issued.

(F)  A reservation shall automatically convert

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