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RESOLUTI~N 94-002 SAFA Page 2 OFFICIAL NOTICE OF SALE $ SANTA ANA FINANCING AUTHORITY WATER REVENUE BONDS, SERIES 1994 NOTICE IS HEREBY GIVEN that sealed proposals will be received by the Santa Aha Financing Authority (the "Authority") at the office of Orrick, Herrington & Sutcliffe, 777 South Figueroa Street, Los Angeles, California on Tuesday, August 9, 1994, at 10:00 a.m., for the purchase of $ principal amount of Santa Aha Financing Authority Water Revenue Bonds, Series 1994 (the "Series 1994 Bonds") authorized to be issued under the provisions of a resolution of the Authority adopted July 18, 1994, (the "Resolution"), and pursuant to an Indenture, (the "Indenture") by and between the Authority and the party named therein as trustee (the "Trustee"). If the Series 1994 Bonds are not awarded in response to any bid made on August 9, 1994 by 12 o'clock noon on the following day, then the Authority intends to offer the Series 1994 Bonds for public sale on subsequent Tuesdays, through August 30, 1994, unless previously awarded by noon on the immediately preceding Wednesday. The receipt of bids on a date later than August 9, 1994 will be confirmed through Munifacts News Service not less than 24 hours prior to the time bids are to be received. The Series 1994 Bonds are more particularly described in the official statement described below (the "Official Statement"). The Series 1994 Bonds hereby offered for sale are generally described as follows: ISSUE: $. aggregate principal amount, consisting of fully registered Series 1994 Bonds in denominations of $5,000 or any integral multiple thereof not exceeding the principal amount of Series 1994 Bonds maturing at any one time, all dated as of August 1, 1994, and comprising all of the Series 1994 Bonds authorized by the Resolution tO be issued pursuant to the Indenture. The Authority may issue additional bonds pursuant to the Indenture. INTEREST RATE: Maximum not to exceed twelve percent (12%) per annum, payable semiannually on March 1 and September 1 in each year, commencing March 1, 1995. Bidders must specify the rate or rates of interest which the Series 1994 Bonds hereby offered for sale shall bear. Bidders will be permitted to bid different rates of interest; but (i) the highest rate specified may not exceed the lowest rate by more than four percent (4%) per annum; (ii) each interest rate specified in any bid must be a multiple of one-eighth or one-twentieth of one percent (1/8 or 1/20 of 1%) per annum; (iii) each Series 1994 Bond shall bear interest from its date to its stated maturity date at the interest rate specified in the bid; (iv) all Series 1994 Bonds maturing at any 2 !