EXECUTIVE ORDERS

(b)  The Secretary may provide guidance in connection
with the efforts of such recipients to use minority
business enterprises; such recipients shall provide
any information on their efforts to the Issuer or to
the Secretary that the Issuer or the Secretary
requests.

(c)  Any failure to comply with the provisions of this
Section 7 shall not in any way affect the validity
of any [nonessential function] PRIVATE ACTIVITY
bonds issued pursuant to an allocation of the
Maryland State Ceiling under this Proclamation or
the tax-exempt status of any such [nonessential
function] PRIVATE ACTIVITY bonds, including the
tax-exempt status of interest on such [nonessential
function] PRIVATE ACTIVITY bonds. However,
notwithstanding any other provisions of this
Proclamation, any such failure may be taken into
consideration by the Secretary in evaluating an
Issuer's request for a reallocation or in making any
initial allocation for an Issuer [in subsequent
years]. The Secretary may reduce or withhold all or
any portion of an Issuer's initial allocation for
any [subsequent] year if it fails to comply with the
minority considerations of this Section 7.

Section 8. Transfer of Allocation. Except as provided in
Section 4 with respect to the transfer of a County's
allocation to Local Issuers within its boundaries, an Issuer
receiving an allocation pursuant to this Proclamation may
not transfer any portion of its allocation to any other
Issuer except that, notwithstanding any applicable law,
charter, ordinance, or other corporate document, any Issuer
receiving an allocation pursuant to this Proclamation may
transfer any portion of its allocation to a State Issuer.
ANY STATE ISSUER, WITH THE APPROVAL OF THE SECRETARY, MAY
TRANSFER ANY PORTION OF ANY ALLOCATION TRANSFERRED TO IT,
INCLUDING ANY ALLOCATION TRANSFERRED FOR USE AS HOUSING
BONDS, TO ANY OTHER ISSUER FOR THE ISSUANCE OF ANY PRIVATE
ACTIVITY BONDS. The Secretary may at any time reallocate
any such transferred allocations in his sole and absolute
discretion.

Section 9. Information Report.

(a) Unless another Section of this Proclamation requires
a shorter time period, the Secretary shall receive a
copy of the fully executed Information Report filed
or to be filed with the IRS and the Section [266G]
14-107 Certificate, if applicable, within 10
business days after the date on which any Issuer
issues [nonessential function] PRIVATE ACTIVITY
bonds. The Secretary may extend or waive this

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