WILLIAM DONALD SCHAEFER, Governor

(b) above before the date hereof or the date of the
announcement of the dollar amount of its initial
allocation shall be considered part of, and not in
addition to, the amount of the initial allocation
announced for such Issuer. [Any Issuer described in
Section 2(a) and (b) above, with the exception of
the Board of Public Works, which has issued prior to
the date hereof any bonds for which an allocation is
required under H.R. 3838 shall, as a condition to
its initial allocation, report the amount and type
of such bonds to the Secretary no later than 20 days
from the date hereof. Such report shall be
accompanied by a letter from the Issuer's bond
counsel setting forth the type of bonds issued and
whether such bonds required an allocation. Any such
Issuer failing to file such a report shall be deemed
not to have received its initial allocation of the
Maryland State Ceiling only until such report is
filed. The Secretary may extend or waive this
reporting deadline for good cause shown. Any
reservation of an allocation previously made by the
Secretary to the Municipal Corporations pursuant to
the Private Activity Bond Proclamation, which is
effective or has converted to an allocation as of
the date hereof, shall be considered a part of, and
not in addition to, the amount available for the
Secretary to allocate to Municipal Corporations
under Section 2(c) above.]

(d) The term "population" or "per capita" used in
connection with a making, determination, or
calculation of an allocation or reallocation of the
Maryland State Ceiling for any issuer for calendar
year 1986 shall be based on the most recent census
estimate of the resident population of such Issuer
released by the U.S. Bureau of the Census before
January 1, 1986, as determined by the Secretary.

Section 4. Transfer of County Allocations to Other Local
Issuers.

(a) Any County granted an allocation under this
Proclamation may, at any time in its sole
discretion, allocate all or a portion of its
allocation to any Local Issuer (including any agency
of the County) within its jurisdiction, and may,
except to the extent that such Local Issuer has used
such allocation to issue [nonessential function]
PRIVATE ACTIVITY bonds which are subject to the
Maryland State Ceiling, reduce or reallocate such
allocation after 30 days prior written notice to, or
after receiving the consent of, such Local Issuer.

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