Item 9 Preliminary Official Statment Dated February 25, 1994

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Principal of, and redemption premium, if any, on the Current Interest Bonds will be payable at the principal corporate trust office of the Trustee in Los Angeles, California. Principal of and redemption premiums, if any, and interest on the Current Interest Bonds shall be paid in lawful money of the United States of America Capital Appreciation Bonds. The Bonds maturing July 1, 1996 through 20 , inclusive (the "Capital Appreciation Bonds"), will be issued in the aggregate principal amount of$ , will be dated the date of original delivery thereof and will mature, subject to the redemption provisions set forth below, on the dates and in the principal amounts, all as set forth on the cover page hereof. The Capital Appreciation Bonds will be issued in the form of fully registered bonds in denominations of $5,000 accreted value (as defined in the Indenture, the "Accreted Value") at maturity, or any integral multiple thereof. No payments of principal or interest will be made with respect to the Capital Appreciation Bonds prior to the maturity or earlier redemption thereof. Accreted interest with respect to the Capital Appreciation Bonds shall be compounded at the approximate yield to maturity set forth on the cover page, on Janua of each year until payable, from the date of initial execution and delivery, gnD' 1 and July 1 period that the Accreted Value of such Capital Appreciation Bonds increases in equal dailygamou isany semiannual on e of a year of 360 days comprised of twelve 30-day months and will be payable only at maturity or the eal ebasis r redemption thereof. A Table of Accreted Values (as of each January 1 and July 1, through July 1, 1999) of the Capital Appreciation Bonds of each maturity per $5,000 Accreted Value at stated maturity is attached hereto as Appendix E. Such table is presented for illustrative purposes only. Any Accreted Value determined by computing interest in accordance with the terms of the Indenture will control over any different value determined by reference to such table. Redemption of the Bonds Optional Redemption of Current Interest Bonds* The Current Interest Bonds maturing on or after July 1, 2004*, shall be subject to redemption, at the option of the Authority, on or after July 1, 2003*, in whole at any time or in part (by lot within any maturity), on any Interest Payment Date, at the following redemption prices, plus accrued interest to the date fixed for redemption: Redemption Price Redemption Period (percentage of (dates inclusive) principal amount) July 1, 2003 to June 30, 2004 102% July 1, 2004 to June 30, 2005 101 July 1, 2005 and thereafter 100 * Preliminary, subject to change. 5