EXECUTIVE ORDERS                                     

and (5) above.]

[(3)] (2) 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)] (A) 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)] (B) 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; AND (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 ho later than November 15, 1986,
and any reservation for other nonessential
function] PRIVATE ACTIVITY bonds shall
expire no later than December 30, 1986.

[(E)] (C) 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

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