EXECUTIVE ORDERS

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.

E.   [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:

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

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

(3)  [(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.

F.   [Section 6.] Recapture and Reallocations

(1)  [(a)] Any portion of the Maryland State Ceiling,
with respect to which before October 1, 1987 (A)[(l)] no
bond issue requiring an allocation has been issued, (B)[(2)]
in the case of a public issue of bonds requiring an
allocation, no preliminary official statement has been
distributed by the underwriters with the approval of the
Issuer in connection with a public offering of such bonds,
or (C)[(3)] no transfer of an allocation has been made by an
Issuer to a State Issuer pursuant to Section 8 below, shall
automatically revert to the State as of October 1, 1987 to
be reallocated by the Secretary in accordance with the
criteria set forth in Section B(4)(D) AND (E) [2(d)(4) and
(5)] above, except that the Secretary may also give priority
according to the order in which requests for reallocation
are received. No Issuer shall have the authority to
carryforward any allocation received prior to October 1,
1987. Any portion of the Maryland State Ceiling which is
retained by a Local Issuer because of subsection (B)[(2)] of
this Section F(l)[6(a)] shall automatically revert to the
State as of November 15, 1987 if the bonds which are the
subject of the preliminary official statement have not been
issued [by] ON OR BEFORE November 14, 1987.

(2)  [(b)] Reallocations shall be made as follows:

(A) [(1)] Special Rule for Community Development
Administration. The unused balance of that portion of the
Maryland State Ceiling initially allocated to the Community
Development Administration for Housing Bonds is hereby
reallocated to the Community Development Administration.

- 5514 -