Full Book Entry on Countywide Public Financing Authority (1996)

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a Record Date and on or before the following Interest Payment Date, in which event it shall bear interest from such Interest Payment Date, or (ii) it is authenticated on or before January 15, 1996, in which event it shall bear interest from the date of issuance thereof; provided, however, that if, as of the date of authentication of any Bond, interest thereon is in default, such Bond shall bear interest from the Interest Payment Date to which interest has previously been paid or made available for payment thereon. Principal of any Bond and any premium upon redemption will be paid by check of the Trustee upon presentation and surrender thereof at the corporate trust office of the Trustee in Los Angeles, California. The Bonds will be issued in fully registered form, without coupons, registered in the name of The Depository Trust Company, New York, New York ("DTC") or its nominee. DTC will act as securities depository for the Bonds. Purchases of beneficial interest in the Bonds will be made in book-entry form only in denominations of$5,000 or any integral multiple thereof. So long as the Bonds are held in the book- entry system of DTC, all payments of principal, interest and premium, if any, will be made by the Trustee to DTC as the registered owner of the Bonds. For a more complete discussion of DTC and its book-entry system, see "Book-Entry Only System" below. Book-Entry Only System The information in this section concerning DTC and DTC's book-entry system is based solely on information provided by DTC. Accordingly, no representations can be made by the Authority concerning these matters and neither the DTC Participants nor the Beneficial Owners should rely on the foregoing information with respect to such matters, but should instead confirm the same with DTC or the DTC Participants, as the case may be. DTC will act as securities depository for the Bonds. The Bonds will, when issued, be payable to Cede & Co. (DTC's partnership nominee). One or more fully registered Bond will be issued for each maturity of Bonds and will be deposited with DTC. DTC is a limited-purpose trust company organized under the laws of the State of New York, a "banking organization" within the meaning of the laws of the State of New York, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended. DTC holds securities that its participants ("DTC Participants") deposit with DTC. DTC also facilitates the settlement among DTC participants of securities transactions, such as transfers and pledges, in deposited securities through electronic computerized book-entry changes in accounts of DTC Participants,thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations (the "Direct Participants"). DTC is owned by a number of its Direct Participant and by the New York Stock Exchange, Inc., the American Stock Exchange, Inc., and the National Association of Securities Dealers, Inc. Access to the book-entry system is also available to others such as banks, securities brokers and dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants"). The rules applicable to DTC and its Direct and Indirect Participants are on file with the Securities and Exchange Commission. Purchases of the Bonds under the DTC System must be made by or through Direct Participants, which will receive a credit balance in the records of DTC. The ownership interest of each actual purchaser of each Bond("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase, but Beneficial Owners are expected to receive written confirmation providing details of the action, as well as periodic statements 3