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Bond Insurer The term "Bond Insurer" means the issuer or issuers of a policy or policies of municipal bond insurance obtained by the Authority to insure the payment of principal of and interest on a Series of Bonds issued under this Indenture and which, in fact, are at any time insuring such Series of Bonds. For the purposes of this definition, all consents, approvals or actions required by the Bond Insurer shall be by action of a majority of all Bond Insurers (based upon the aggregate principal amount of Outstanding Bonds insured by each such Bond Insurer) if there is more than a single Bond Insurer. The Bond Insurer with respect to the 1994 Bonds means Municipal Bond Investors Assurance Corporation, and its successors and assigns. Bond Year The term "Bond Year" means each twelve month period extending from August 2 in one calendar year to July 1 of the succeeding calendar year, except that the first Bond Year shall extend from the Closing Date to July 1, 1994. Bonds; 1994 Bonds; AIRS Bonds; ARS Bonds; Capital Appreciation Bonds; Current Interest Bonds; IRS Bonds; Serial Bonds; Term Bonds The term "Bonds" means the 1994 Bonds and all Additional Bonds. The term "1994 Bonds"'means the Santa Ana Financing Authority Police Administration and Holding Facility Lease Revenue Bonds, Series 1994A. The term "AIRS Bonds" or "AIRS" means the ARS and IRS, collectively or any of them, as appropriate. The term "ARS Bonds" or "ARS" means the Auction Rate Securities as defined in Section 2.02 hereof. The term "Capital Appreciation Bonds" means Bonds the interest on which is payable at maturity and compounded semiannually on each Interest Payment Date through and including the maturity dates thereof. The term "Current Interest Bonds" means Bonds the interest on which is payable on January 1 and July 1 of each year through and including the maturity dates thereof. The term "IRS Bonds" or "IRS" means the Inverse Rate Securities as defined in Section 2.02 hereof. The term "Serial Bonds" means Bonds for which no sinking fund payments are provided. LA(-63221.5