EXECUTIVE ORDERS

for Maryland by establishing a different formula from that
set forth in H.R. 3838 for allocating such [unified] PRIVATE
ACTIVITY 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]
FROM AUGUST 16, 1986 [the date hereof] through September 30,
1986 as follows:

(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] TWENTY-FIVE
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] $18.75 multiplied by its population for the
issuance of any amount of (A) qualified mortgage
bonds, AND (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. HOWEVER, ANY COUNTY MAY USE ITS
HOUSING BOND ALLOCATION FOR THE ISSUANCE OF ANY
OTHER BONDS FOR WHICH AN ALLOCATION IS REQUIRED
UNDER H.R. 3838, IF SUCH. USE IS APPROVED BY ITS

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