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DATE OF BONDS: The bonds will be dated October 15, 1981. INTEREST RATE: The bonds shall bear interest from their date at a rate or rates to be determined at the sale thereof, not to exceed the current legal maximum of ten percent (10%) per annum or the maximum allowed by law at the time of sale, whichever is higher. Said bonds shall be represented by coupons payable semiannually on January 2 and July 2 in each year except the first coupon which will be for interest from the date of said bonds to January 2, 1983. Bidders may specify any number of separate interest rates, and any rate may be repeated as often as desired; provided, however, that (i) the difference between the highest and lowest coupon rates specified in any bid shall not exceed two percent (2%); (ii) each interest rate specified must be in a multiple of 1/20 of 1% and a zero rate of interest cannot be specified; (iii) no bond shall bear more than one rate of interest, no interest payment shall be evidenced by more than one coupon and supplemental coupons are not permitted; (iv) each bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (v) all bonds of the same maturity date shall bear the same interest; and (vi) any premium must be paid in bank funds as part of the purchase price, and no bid will be accepted which provides for the cancellation and surrender of any interest coupon or for the waiver of interest or other concession by the bidder as a substitute for payment in full of the purchase price in bank funds. Bids which do not conform to the terms of this paragraph will be rejected. REDEMPTION: Any bond may be redeemed on any January 2 or July 2 prior to its fixed maturity date, at the option of the Treasurer of the City of Santa Ana upon giving the notice provided in the "Improvement Bond Act of 1915" and upon payment of the principal amount thereof and interest accrued thereon to the date of redemption, plus a redemption premium of five percent (5%) of the principal amount there- of. PAYMENT: Both principal and interest are payable in lawful money of the United States of America at the Office of the Treasurer of the City of Santa Ana, Santa Ana, California. NEGOTIABLE: The bonds are negotiable instruments payable to Bearer and, unless registered, title passes by physical delivery. EXECUTION AND REGISTRATION: Coupon bonds will be issued by the City. The bonds will be executed by the manual signature of at least one official authorized to execute the bonds. The bonds are registrable only as to both principal and interest, and after being registered are not subject to discharge from registration. SECURITY: The bonds herein offered for sale are issued upon and secured by unpaid assessments together with inte- rest thereon, and said unpaid assessments together with interest thereon constitute a trust fund for the redemption -2-