EXECUTIVE ORDERS

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.

(d) The term "population" 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 1987 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, 1987, 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 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.

(b)  Except in the case of allocations which may be
made to Municipal Corporations pursuant to Section 2(b) above,
the Secretary may require any Local Issuer other than a County to
submit a request for an allocation of the Maryland State Ceiling
to or through a County before the Secretary accepts such request
or makes any determination on such Local Issuer's request.

Section 5. State and Local Issuers' Report. On September
15, 1987, each State and Local Issuer shall submit a report
approved in writing by its bond counsel to the Secretary
containing the following information:

(a)  The amount of the total allocation of the
Maryland State Ceiling allocated to the Issuer prior to September
15, 1987;

(b)  The amount and type of Private Activity Bonds
issued pursuant to the total allocation as of September 15, 1987;
and

(c)  The amount and type of Private Activity Bonds not
issued but anticipated to be issued pursuant to the Issuer's

allocation, on or. before September 30, 1987.

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