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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, 2001 through 2003, inclusive (the "Capital Appreciation Bonds"), will be issued in the initial amount of$1,469,438.50 which at maturity will have an Accreted Value of$2,325,000, 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 there of. No m a p y ents 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 January 1 and July 1 of each year until payable, from the date of initial execution and delivery, assuming during any such semiannual period that the Accreted Value of such Capital Appreciation Bonds increases in equal daily amounts on the basis of a year of 360 days comprised of twelve 30-day months and will be payable only at maturity or the earlier 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 Current Interest Bonds Optional Redemption of Current Interest Bonds The Current Interest Bonds maturing on July 1 in the years 2005 through and including 2009, shall be subject to redemption, at the option of the Authority, on or after July 1, 2004, 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, 2004 to June 30, 2005 102% July 1, 2005 to June 30, 2006 101 July 1, 2006 and thereafter 100 Mandatory Redemption of Current Interest Bonds From Mandatory Sinking Account Payments The Current Interest Bonds maturing on July 1, 2024 are subject to mandatory redemption prior to their stated maturity in part (by lot) on any July 1 on and after July 1, 2020 in integral multiplies of$5,000 at a redemption price of the principal amount thereof and interest accrued thereon to the date fixed for redemption, without premium, in the amounts and in the years as follows: 5