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RESOLUTION 94-002 Page 4 Redemption Date September 1, September 1, September 1, 2003 through August 31, 2004 2004 through August 31, 2005 2005 and thereafter Redemption Price 102% 101 100 PAYMENT: The provisions of this section are subject to the provisions of the section below entitled "Registration and Depository Participation." The principal of, and premium, if any, and interest on the Series 1994 Bonds are payable in lawful money of the United States of America upon the surrender thereof at maturity or the earlier redemption thereof at the corporate trust office of REGISTRATION AND DEPOSITORY PARTICIPATION: The Series 1994 Bonds will be issued only in fully registered, book-entry form. The Authority will appoint a securities depository for the Series 1994 Bonds. Bidders will be notified of the identity of such securities depository. Prior to the delivery of the Series 1994 Bonds, the winning bidder must either participate in said depository or must clear through or maintain a custodial relationship with an entity that participates in said depository. PURPOSE: The Series 1994 Bonds are being issued for the purpose of providing funds for the refunding of certain prior indebtedness of the City of Santa Ana and for the acquisition, construction, improvement and financing of water improvements for the City of Santa Aha, pursuant to the terms and provisions of a Master Installment Purchase Agreement and a Supplement thereto, each dated as of August 1, 1994 (collectively, the "Installment Purchase Agreement"), by and between the City and the Authority. SECURITY: The Series 1994 Bonds are secured by Net System Revenues and certain other funds and accounts, as more particularly described in the Official Statement. The term "Net System Revenues" means, for any Fiscal Year, the System Revenues for such Fiscal Year less the Maintenance and Operation Costs of the Water System for such Fiscal Year. The term "System Revenues" means all income, rents, rates, fees, charges and other moneys derived from the ownership or operation of the Water System, including, without limiting the generality of the foregoing, (i) all income, rents, rates, fees, charges (including standby and capacity charges), insurance proceeds or other moneys derived by the City from the water services, facilities, and commodities or byproducts sold, furnished or supplied through the facilities of or in the conduct or operation of the business of the Water System, (ii) investment earnings on, and income derived from, the amounts referred to in the preceding clause (i), including investment earnings on the operating reserves, to the extent that the use of such earnings