EXECUTIVE ORDERS

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 from the date hereof
through September 30, 1987 as follows:

(a) Counties.

(1)  There 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") a total of 40 percent of the Maryland State Ceiling,
consisting of (a) 25 percent of the Maryland State Ceiling
designated initially for the issuance of qualified mortgage bonds
and bonds for qualified residential rental projects (as defined
in the Tax Reform Act, and together referred to herein as
"Housing Bonds") and (b) 15 percent of the Maryland State Ceiling
designated for the issuance of Private Activity Bonds other than
Housing Bonds.

(2)  The allocation to each County for Housing Bonds
shall equal 25 percent of the Maryland State Ceiling multiplied
by a fraction, the numerator of which is the population of the
County and the denominator of which is the population of the
State of Maryland.

(3)  The allocation to each County for bonds other
than Housing Bonds shall be in the following amounts:

Bonus Allocation
based on 3 year
average issuance
Minimum Allocation on non-housing
County                         based on population private activity bonds

Allegany                                    693,955                                        239,111

Anne Arundel                       3,614,591                                    1,289,625

Baltimore City                   6,863,984                                    2,312,616

Baltimore                              6,128,138                                    1,247,029

Calvert                                      372,476                                        121,987

Caroline                                    216,751                                          16,523

Carroll                                      979,915                                          85,092

Cecil                                          601,981                                          28,398

Charles                                      768,640                                        382,003

3882