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date (the "Record Date") through and including the next succeeding interest payment date,
<br /> in which event this Bond shall bear interest from such interest payment date, or unless such
<br /> date of authentication is on or prior to the first Record Date, in which event it shall bear
<br /> interest from March 1, 1994) until the principal hereof shall have been paid at the interest
<br /> rate per annum specified above, payable on January 1, 1995, and semiannually thereafter
<br /> on January 1 and July 1 in each year; provided, however, that if on the date of
<br /> authentication of this Bond, interest is then in default on this Bond, such Bond shall bear
<br /> interest from the interest payment date to which interest has previously been paid or made
<br /> available for payment.
<br /> The principal of this Bond shall be payable in lawful money of the United
<br /> States of America at the corporate trust office of Meridian Trust Company of California, as
<br /> trustee (the "Trustee") in Los Angeles, California, upon presentation and surrender of this
<br /> Bond.
<br /> Payment of interest on this Bond due on or before the maturity or prior
<br /> redemption, thereof shall be made to the person in whose name such Bond is registered, as
<br /> of the Record Date preceding the applicable interest payment date, on the registration books
<br /> kept by the Trustee at its corporate trust office, in Los Angeles, California, such interest to
<br /> be paid by check mailed by first class mail on such interest payment date to the registered
<br /> owner at his address as it appears on such books. Interest on this Bond shall be payable in
<br /> lawful money of the United States of America and shall be calculated on the basis of a
<br /> 360-day year consisting of twelve 30-day months.
<br /> This Bond is one of a duly authorized issue of bonds of the Authority
<br /> designated as its "Santa Ana Financing Authority Police Facility Lease Revenue Bonds,
<br /> Series 1994A" (the "Bonds"), in the aggregate principal amount of One Hundred Seven
<br /> Million Three Hundred Ninety-Nine Thousand Four Hundred Thirty-Eight Dollars and Fifty
<br /> Cents ($107,399,438.50), of which $84,730,000 aggregate principal amount shall be issued
<br /> as Current Interest Bonds, $1,469,438.50 aggregate principal amount shall be issued as
<br /> Capital Appreciation Bonds, $10,600,000 aggregate principal amount shall be issued as
<br /> Auction Rate Securities ("ARS") and $10,600,000 aggregate principal amount shall be
<br /> issued as Inverse Rate Securities ("IRS"), all of like tenor and date (except for such
<br /> variations, if any, as may be required to designate varying numbers, maturities and interest
<br /> rates), and is issued under and pursuant to the provisions of an indenture, dated as of
<br /> March 1, 1994 (the "Indenture"), between the Authority and the Trustee (copies of which
<br /> are on file at the office of the Secretary of the Authority and at the Corporate Trust Office
<br /> of the Trustee).
<br /> The Bonds are issued to provide funds to finance the cost of acquiring,
<br /> constructing and installing certain public capital improvements (the "Project") in the City of
<br /> Santa Ana (the "City"). The Bonds are limited obligations of the Authority and are
<br /> payable, as to interest thereon and principal thereof, solely from the revenues derived from
<br /> base rental payments paid by the City pursuant to a lease, dated as of March 1, 1994 (the
<br /> "Lease"), between the Authority, as lessor, and the City, as lessee, for the use and
<br /> LA1-63221.5 A-1-2
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