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appointed under the Indenture, mailed to the person in whose name this Bond is registered in the registration books maintained by the Trustee (the "Bond Register") at the close of business on the Record Date (as hereafter defined) next preceding the relevant Interest Payment Date at such person's address as it appears in the Bond Register on such Record Date; provided that any holder of Bonds of this series in an aggregate principal amount equal to or greater than $1,000,000 may elect to be paid the interest on such Bonds by Federal Reserve wire transfer in immediately available funds to any bank in the United Stat; of America specified by such holder by written direction given to the Trustee not less too . c days prior to the first Interest Payment Date for which such notice shall become effe,- ;. The term "Record Date" shall mean with respect to any Interest Payment Date, th• : ,1 ess Day next preceding such Interest Payment Date. Any interest on this Bond whic 4 i c punctually paid when due ("Defaulted Interest") shall be payable to the holder in yip = ame this Bond is registered in the Bond Register at the close of business on a special r rd date selected by the Trustee which shall be at least ten but not more than 30 days prior to the date selected by the Trustee for payment of such Defaulted Interest. The Trustee shall give notice to the bondholders of the special record date and the date for payment of Defaulted Interest at least ten days prior to such special record date. The principal of, premium, if any, and interest on this Bond shall be payable in any currency of the United States of America which on the respective dates of payment thereof is legal tender for the payment of public and private debts. The term "Business Day" shall mean any day other than a Saturday, Sunday or other day upon which banking institutions located in the state in which the principal corporate trust office of the Trustee or the principal office of the Auction Agent (as defined in the Indenture) is located are closed or are required to close or on which the New York Stock Exchange is closed. If the date for any payment of the principal of, premium, if any, or interest on this Bond or the last date for performance of any act or the exercising of any right, as provided in this Bond or in the Indenture, is not a Business Day, such payment may be made or act performed or right exercised on the next succeeding Business Day with the same force and effect as if made, performed or exercised on such nominal date. This Bond is one of a duly authorized issue of bonds of the Authority designated as its "Santa Ana Financing Authority Police Facility Lease Revenue Bonds, Series 1994A" (the "Bonds"), in the aggregate principal amount of One Hundred Seven Million Three Hundred Ninety-Nine Thousand Four Hundred Thirty-Eight Dollars and Fifty Cents ($107,399,438.50), of which $84,730,000 aggregate principal amount shall be issued as Current Interest Bonds, $1,469,438.50 aggregate principal amount shall be issued as Capital Appreciation Bonds, $10,600,000 aggregate principal amount shall be issued as Auction Rate Securities ("ARS") and $10,600,000 aggregate principal amount shall be issued as Inverse Rate Securities ("IRS"), all of like tenor and date (except for such variations, if any, as may be required to designate varying numbers, maturities and interest rates), and is issued under and pursuant to the provisions of an indenture, dated as of March 1, 1994 (the "Indenture"), between the Authority and the Trustee (copies of which are on file at the office of the Secretary of the Authority and at the Corporate Trust Office of the Trustee). The Bonds are issuable only as fully registered bonds without coupons, in the denomination of$50,000 and integral multiples thereof. LAi-70382.1 2