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WHICH PROVISIONS ARE HEREBY SPECIFICALLY INCORPORATED HEREIN BY REFERENCE. Mandatory Tender of ARS, Fixing and Separating ARS and IRS Any Beneficial Owner of IRS may, at any time and from time to time, notify a Broker- Dealer that such Beneficial Owner intends to submit a Bid for a specified principal amount of ARS having the same maturity date as such IRS on the next succeeding Auction Date in order to cause such ARS to be Fixed with all or a portion of such IRS, and that if such Bid is unsuccessful, in whole or in part, such Beneficial Owner requires that ARS (which are not Fixed) in an aggregate principal amount equal to the unsuccessful portion of such Bid be tendered to such Beneficial Owner for purchase on the seventh Business Day prior to the next succeeding Auction Date following the Auction in which such Bid proved unsuccessful. A Beneficial Owner of ARS may cause such ARS to be combined with IRS, or "Fixed", and traded as a unit as Regular Fixed AIRS or Newly Fixed AIRS. ARS which became Fixed with IRS will be considered Newly Fixed AIRS for the remainder of the Interest Period in which such ARS and IRS were Fixed. The Service Charge payable with respect to the ARS which were Fixed will continue to accrue for the remainder of such Interest Period. A Beneficial Owner of Regular Fixed AIRS or Newly Fixed AIRS may cause such ARS and IRS to be "Separated", and traded separately as IRS and ARS, during the seven-thy period immediately preceding a Record Date (other than during a Closed Period) by delivering instructions to a Broker-Dealer. Upon receipt of notice from the Broker-Dealer, the Auction Agent will cause such Regular Fixed AIRS or Newly Fixed AIRS to be Separated on the next succeeding Interest Payment Date, or if such Interest Payment Date falls within a Closed Period, on the next succeeding Auction Period Accrual Date. Redemption Provisions The ARS are subject to redemption at the option of the Authority in whole or in part on any Interest Payment Date on or after July 1, 2007 at a redemption price equal to the principal amounts thereof plus accrued interest to the redemption date. The ARS maturing on July 1, 2014, are also subject to mandatory redemption on July 1, 2010 in the years 2010 through 2014 and in the respective principal amounts set forth in the Indenture, at a redemption price equal to 100% of the principal amount thereof plus accrued interest thereon to the redemption date. The Bonds are also subject to redemption prior to their respective maturity dates, in authorized denominations, on any date, as a whole or in part, from net insurance proceeds or condemnation awards, upon the terms and conditions of, and as provided in, the Indenture, at the principal amount thereof together with accrued interest to the date of redemption. A-3-5