Item 9 Preliminary Official Statment Dated February 25, 1994

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Removal, the part of the Leased Property for which the substitution or removal has been effected shall be released from the leasehold created by the Lease and all right, title and interest in and to such Leased Property shall vest in the City. In connection with such release of part of the Leased Property, the Authority shall execute such conveyances, deeds, and other documents, and shall take or cause to be taken all actions that are necessary to provide that such released Leased Property constitutes a valid legal parcel, the ownership of which is recordable in the real property records of the County of Orange for which a title insurance policy may legally be obtained, as may be necessary to effect such vesting of record. Upon completion of the Project and issuance of a certificate of occupancy therefor, the City expects to release all of the Leased Property, other than the Site and the Project, from the Ground Lease and the Lease. There can be no assurance, however, that the City will undertake such release. Whether or not such release occurs, the City remains obligated to make Base Rental payments in accordance with the Lease. Reserve Account The Authority shall initially deposit in the Reserve Account $ (as fully died in APPENDIX A, the "Reserve Requirement") from the proceeds of the Bonds. Moneys no the ReserveCAccount shall be applied solely for the purpose of paying the principal of, interest on, Accreted Value or redemption premium, if any, on the Bonds in the event that no other money of the Authority is lawfully available therefor or for retirement of all Bonds then Outstanding. Under certain circumstances, all or any portion of the Reserve Requirement for the Bonds may be satisfied by the provision of a policy of insurance, a surety bond, a letter of credit or other comparable credit facility, or a combination thereof, which are rated in one of the two highest rating categories by Moody's or S&P at the time of the issuance thereof, which, together with moneys on deposit in the Reserve Account, equal to the Reserve Requirement. Issuance of Additional Bonds The Indenture provides that the Authority may, at any time, issue Additional Bonds payable from Revenues as provided therein and secured by Revenues as provided therein equal to the pledge securing the Bonds thereafter issued, but only subject to the conditions described in Appendix A hereto under the caption "SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE --Issuance of Additional Bonds". BOND INSURANCE General The information contained under the caption "BOND INSURANCE" has been furnished by the Insurer for use in this Official Statement. Reference is made to Appendix F for a specimen of the Policy. No representation is made by the Authority as to the accuracy or completeness of this information, or the absence of any material adverse changes subsequent to the date hereof, and the Authority assumes no responsibility therefor. Payment Pursuant to Municipal Bond Insurance Policy The Insurer's policy unconditionally and irrevocably guarantees the full and complete payment required to be made by or on behalf of the Authority to the Trustee or its successor of an amount equal to (i) the principal of(either at the stated maturity or by an advancement of maturity pursuant to a mandatory sinking fund payment) and interest on the Current Interest Bonds and the Accreted Value of the Capital Appreciation Bonds as such payments shall become due but shall not be so paid, (except that in the event of any acceleration of the due date of such principal by reason of mandatory or optional redemption, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed by the Insurer's Policy shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered 13