Article - Financial Institutions
(a) All allocations of the Maryland State ceiling previously made during any calendar year shall automatically revert to the Secretary’s reserve on October 1 of such calendar year except with respect to allocations for which:
(1) Bonds have been issued;
(2) With the approval of the issuer, a preliminary official statement has been distributed by the underwriters in connection with the public offering of any bonds; or
(3) The issuer has transferred its allocation to a State issuer under § 13-803(c) of this subtitle.
(b) All allocations of the Maryland State ceiling for bonds to be issued in a public offering which did not revert to the Secretary’s reserve on October 1 because of subsection (a)(2) of this section shall revert to the Secretary’s reserve on November 15 of the same year if the bonds are not issued on or before November 14 of such year.
(c) The unused balance of the initial allocation to the Community Development Administration under § 13-802(3) of this subtitle shall be reallocated from the Secretary’s reserve to the Community Development Administration.
(d) (1) All other allocations that have reverted to the Secretary’s reserve shall be reallocated as provided in § 13-802(4) of this subtitle. The Secretary may also give priority in processing and granting reservations of allocation from the Secretary’s reserve to the order in which requests for reallocation are received.
(2) No reallocation of the Secretary’s reserve as provided in § 13-802(4) of this subtitle may be made until notice as to the availability and amount of funds has been given to each county executive of a charter county, the Mayor and City Council of Baltimore, the Chairman of the County Council of Wicomico County, and, for all other counties, the president or the chairman of the county commissioners. The failure of any such notice being given as required by this paragraph may not adversely affect the validity of any allocation made by the Secretary under this subtitle or of any bonds issued pursuant to this subtitle.
(3) Each request for reallocation shall be accompanied by such information as the Secretary may require.
(4) Each reservation of allocation made by the Secretary on or after October 1 of any year shall expire on the date specified in the reservation.
(e) (1) An issuer which has received an allocation from the Maryland State ceiling prior to October 1 of any year may not carry forward such allocation to any later year.
(2) All requests for a carry-forward allocation shall be submitted to the Secretary with such justifications and other information as the Secretary may require.
(3) The Secretary may provide for carry-forward allocations to the extent permitted by the Code.