EXECUTIVE ORDERS

any other information that the Secretary may require.

(4) Any reservation of an allocation made by the
Secretary pursuant to this Section 2(b) shall remain effective so
long as the respective Private Activity Bonds for which such
reservation is made are issued within 60 calendar days from the
date of such reservation, except that, for good cause shown, the
Secretary may extend the expiration date of any reservation.
Upon issuance of such Private Activity Bonds within the 60
calendar day period or any extension made by the Secretary, the
reservation automatically converts to an allocation pursuant to
this Proclamation. However, no such reservation under this
subsection shall be effective after September 30, 1987.

(c) State Issuers. A portion of the Maryland State Ceiling
is hereby initially allocated to the State to be apportioned
among State Issuers as follows:

(1) Twenty-five percent of the Maryland State Ceiling
is allocated to the Community Development Administration, a
division of the State Department of Economic and Community
Development, for the issuance of Housing Bonds.

(d) Secretary's Reserve.

(1)  The portion of the Maryland State Ceiling not
initially allocated or reserved to State and Local Issuers in
accordance with Section 2(a), (b), and (c) above is hereby
allocated to the State and constitutes the Secretary's Reserve
(the "Secretary's Reserve").

(2)  The Secretary may at any time make an allocation
of a portion of the Secretary's Reserve to any State or Local
Issuer in any amount and in any order that the Secretary in his
sole and absolute discretion determines for facilities, projects,
or financings ("Projects") for which Private Activity Bonds may
be issued and that the Secretary determines are in accordance
with the criteria set forth in Sections 2(d)(4) and (5) below.

(3)  In exercising discretion in the allocation of the
Secretary's Reserve, the Secretary shall give preference to the
Projects of State Issuers that advance the State Goals described
in Section 2(a)(4) below.

(4)  The goals to be advanced by the issuance of
Private Activity Bonds requiring allocations are:

(A)  Increasing the supply, quality and
geographic distribution of housing for low-income persons;

(B)  Expanding opportunities for homeownership;

(C)  Creating significant job opportunities;

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