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The Bonds are issuable only as fully registered bonds without coupons, in the
<br /> denomination of$50,000 and integral multiples thereof.
<br /> The Bonds are issued to provide funds to finance the cost of acquiring, constructing
<br /> and installing certain public capital improvements (the "Project") in the City of Santa Ana
<br /> (the "City"). The Bonds are limited obligations of the A hority and are payable, as to
<br /> interest thereon and principal thereof, solely from the r,s: - '. •s derived from base rental
<br /> payments paid by the City pursuant to a lease, dated • '. arch 1, 1994 (the "Lease"),
<br /> between the Authority, as lessor, and the City, as N.' ', for the use and possession of the
<br /> Leased Property (as defined in the Lease) as lo e City has such use and possession of
<br /> the Leased Property, which includes the Pro' : s well as from all other benefits, charges,
<br /> income, proceeds, profits, receipts, rents a r. -venues derived by the Authority, as assignee
<br /> of the Agency's rights under the Lease, fro operation or use of the Leased Property (the
<br /> "Revenues"). All the Bonds are equally and ratably secured in accordance with the terms
<br /> and conditions of the Indenture by a pledge of the Revenues, which Revenues shall be held in
<br /> trust for the security and payment of the interest on, principal of and redemption premiums,
<br /> if any, on the Bonds as provided in the Indenture.
<br /> The Bonds shall be limited obligations of the Authority and shall be payable solely
<br /> from the Revenues and amounts on deposit in the funds and accounts established under the
<br /> Indenture (other than amounts on deposit in the Rebate Fund). The Bonds do not constitute a
<br /> debt or liability of the City, the State of California, or any of its political subdivisions, and
<br /> neither the faith and credit of the City, the State of California, nor any of its political
<br /> subdivisions are pledged to the payment of the principal of or interest on the Bonds.
<br /> Reference is hereby made to the Indenture and any and all amendments thereof and
<br /> supplements thereto for a description of the terms under which the Bonds are issued, the
<br /> provisions with regard to the nature and extent of the Revenues, and the rights of the
<br /> registered owners of the Bonds. All of the terms of the Indenture are hereby incorporated
<br /> herein and constitute a contract between the Authority and the registered owner of this Bond,
<br /> to all the provisions of which the registered owner of this Bond, by acceptance hereof, agrees
<br /> and consents. Each registered owner hereof shall have recourse to all of the provisions of
<br /> the Indenture and shall be bound by all of the terms and conditions thereof.
<br /> The Authority has agreed and covenanted that, for the payment of the interest on, the
<br /> principal of and redemption premium, if any, on this Bond and all other Bonds of this issue
<br /> authorized by the Indenture when due, there has been created and will be maintained by the
<br /> Trustee a special fund into which all Revenues (other than deposits to the Rebate Fund
<br /> created by the Indenture) shall be deposited, and the Authority has allocated such Revenues
<br /> solely to the payment of the interest on and principal of and redemption premiums, if any, on
<br /> the Bonds, and the Authority will pay promptly when due the interest on and the principal of
<br /> and redemption premium, if any, on this Bonds and all other Bonds of this issue authorized
<br /> by the Indenture out of said special fund, all in accordance with the terms and provisions set
<br /> forth in the Indenture.
<br /> LA1-70383.1 3
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