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March 23, 1994 The Depository Trust Company 55 Water Street 49th Floor New York, New York 10041 Attention: General Counsel's Office Re: Santa Ana Financing Authority Police Administration and Holding Facility Lease Revenue Bonds, Series 1994A Auction Rate Securities Maturing on July 1, 2014 (the "ARS") and Inverse Rate Securities Maturing on July 2014 (the "IRS") Ladies and Gentlemen: The purpose of this letter is to set out certain matters relating to the above-referenced ARS and IRS (herein collectively referred to as the "Bonds"). Meridian Trust Company of California is acting as trustee (the "Trustee") for the Santa Ana Financing Authority (the "Issuer" ), with respect to the Bonds. The Bonds will be issued pursuant to an Indenture, dated as of March 1, 1994 (the "Indenture"). Smith Barney Shearson Inc. has determined with the Issuer to distribute the Bonds through The Depository Trust Company ("DTC" ). Bank of New York is acting as Auction Agent (the "Auction Agent" ) pursuant to the Auction Agent Agreement dated as of March 1, 1994 (the "Auction Agent Agreement") between the Auction Agent and the Trustee. The Bank of New York (the "FAST Agent") is acting as trustee to DTC for the Bonds pursuant to the FAST Balance Certificate Agreement("FAST Agreement")between DTC and the FAST Agent. Beneficial ownership of$50,000 principal amount (and integral multiples thereof) of ARS may be Fixed with beneficial ownership of an equal principal amount of IRS. On any Interest Payment Date: (a) the CUSIP number of the ARS which, on any date of determination, are not Fixed with IRS, shall be 801109AA7 for the ARS maturing on July 1, 2014 (the "Regular ARS"); (b) the CUSIP number of the IRS which, on any date of determination, are not Fixed with ARS, shall be 801109AB5 for the IRS maturing on July 1, 2014 (the "Regular IRS"); LA1-69757.2