WILLIAM DONALD SCHAEFER, Governor

C.   [Section 3.] Dollar Amount of Allocation.

(1)  [(a)] The actual dollar amount of all allocations
shall be determined by the Secretary.

(2)  [(b)] The amount of any bonds requiring an
allocation issued by an Issuer described in Section B(l),
(2) AND (3) [2(a), (b) and (c)] above on any date from
January 1, 1987 to the date before the date hereof shall be
considered part of, and not in addition to, the amount of
the initial allocation announced for such Issuer.

(3)  [(c)] Any ISSUER [issuer] described in Sections
B(l), (2) and (3) [2(a), (b) and (c)] above which has issued
any bonds on any date from January 1, 1987 to the date prior
to the date hereof for which an allocation is required under
the Tax Reform Act shall report, as a condition to its
initial allocation, the amount and type of such bonds to 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.

(4)  [(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.

D.   [Section 4.] Transfer of County Allocations to Other
Local Issuers.

(1)  [(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.

(2)  [(b)] Except in the case of allocations which may
be made to Municipal Corporations pursuant to Section B(2)
[2(b)] above, the Secretary may require any Local Issuer
other than a County to submit a request for an allocation of

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