EXECUTIVE ORDERS

delivery of the bonds if, before the expiration of the applicable
period set forth in subsection (b)(2)(B) above:

(i) the bonds requiring the allocation
are issued; and

(ii) the Secretary shall have received a
copy of the fully executed Information Report and, if applicable,
the executed certification of the Issuer or its bond counsel
containing the information which is requested by Section 14-107
of Article 41 of the Annotated Code of Maryland, as amended (the
"Section 14-107 Certificate").

(c) (1) No reallocations for carryforward
Projects shall be made between October 1, 1987 and December 22,
1987 but applications may be filed with the Secretary during this
period.

(2) Beginning December 23, 1987 through
December 31, 1987 the Secretary may made reallocations for those
qualifying carryforward Projects to the extent permitted by the
Code.

Section 7. Minority Consideration.

(a)  In addition to any other requirements imposed by
this Proclamation, the recipients of the proceeds of Private
Activity Bonds shall make best efforts to use Minority Business
Enterprises in the construction of Projects and the provision of
services and supplies with such proceeds. Issuers shall monitor
compliance with this requirement by recipients of bond proceeds.

(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 Private
Activity Bonds issued pursuant to an allocation of the Maryland
State Ceiling under this Proclamation or the tax-exempt status of
any such Private Activity Bonds, including the tax-exempt status
of interest on such 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.

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,

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