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SUMMARY <br /> The following information is furnished solely to provide limited introductory information regarding <br /> the Bonds and does not purport to be comprehensive. All such information is qualified in its entirety by <br /> reference to the more detailed descriptions appearing in this Official Statement, including the appendices <br /> hereto. All capitalized terms used in this Official Statement not otherwise defined shall have the meanings <br /> ascribed to them in the Indenture. The definitions of certain of such terms are set forth in Appendix A <br /> hereto. <br /> Issuer: The Bonds are being issued by the Countywide Public Financing Authority (the <br /> "Authority"). See "THE AUTHORITY" herein. <br /> Security: The Bonds are special obligations of the Authority payable solely from revenues <br /> pledged under the Indenture, consisting primarily of Lease Payments made by the <br /> Cities of Brea, Buena Park, Fullerton, Garden Grove, Orange, Santa Ana, Seal <br /> Beach, Stanton and Tustin (the "Members"), under Lease Agreements between <br /> the Authority and each of the Members. The Members' Lease Payments are <br /> subject to abatement under certain circumstances as described herein. See <br /> "SECURITY FOR THE BONDS" and "APPENDIX A - Summary of Principal <br /> Legal Documents" herein. <br /> Payment of the principal of and interest on the Bonds will be further secured by <br /> a municipal bond insurance policy issued by MBIA Insurance Corporation. See <br /> "MUNICIPAL BOND INSURANCE POLICY" herein. <br /> Purpose: Proceeds from the sale of the Bonds will be used by the Authority (i) to provide <br /> financing for the Project, (ii) to fund the Reserve Account, and (iii) to pay the <br /> costs of issuance of the Bonds. See "THE PROJECT" herein. <br /> Redemption: Mandatory Redemption from Optional Prepayment of Lease Payments. The Bonds <br /> maturing on or after August 1, 2007 are subject to mandatory redemption as a <br /> whole or in part on any date on or after August 1, 2006, from the optional <br /> prepayment of Lease Payments by a Member under its Lease Agreement, at the <br /> redemption prices described herein, together with accrued interest thereon to the <br /> date fixed for redemption. See "THE BONDS - Redemption - Mandatory <br /> Redemption from Optional Prepayment of Lease Payments" herein. <br /> Special Mandatory Redemption. The Bonds are subject to redemption as a whole <br /> or in part on any date, to the extent the Trustee has received title or hazard <br /> insurance proceeds or condemnation proceeds not used to repair or replace any <br /> portion of the Leased Premises of a Member damaged or destroyed and elected <br /> by such Member to be used for such purpose as provided in the Indenture, at a <br /> redemption price equal to one hundred percent (100%) of the principal amount <br /> thereof plus interest accrued thereon to the date fixed for redemption, without <br /> premium. See "THE BONDS - Redemption - Special Mandatory Redemption" <br /> herein. <br /> Form and <br /> Denominations: The Bonds are being issued in fully registered form, without coupons, in <br /> denominations of$5,000 or any integral multiple thereof. <br /> iii <br />