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~-- I I " . . . set forth in the Resolution. Said Resolution is adopted under and this Bond is issued under and is to be construed in accordance with the laws of the State of California. The outstanding Bonds maturing on or after January l, 1995, may be called before maturity and redeemed at the option of the Agency in whole or in part from any source of funds on July 1, 1994, or on any interest payment date thereafter prior to maturity. If less than all of the Bonds outstanding are to be redeemed at anyone time, the Bonds to be redeemed shall be redeemed in inverse order of maturity, and by lot within a maturity. Bonds called for redemption shall be redeemed at a redemption price (expressed as a percentage of the principal amount of Bonds to be redeemed) plus accrued interest to the redemption date as shown in the following table: Redemption Dates Redemption Price July 1, July l, July 1, July 1, July l, 1994 1995 1996 1997 1998 or January 1, 1994 or January 1, 1995 or January 1, 1996 or January l, 1997 and thereafter 102 % lOl l/2% 101 % lOO l/2% lOO % The Special Term Bonds are subject to special early redemption in whole or in part, by lot at a redemption price of 100% of the principal amount thereof plus accrued interest to the redemption date without premium, (i) on January 1, 1989 to the extent of any moneys remaining in the Escrowed Proceeds Fund; (ii) on any interest payment date prior to January l, 1989 in the event that state law is modified to alter the generation of Pledged Tax Revenues in a manner that lowers Pledged Tax Revenues to the level that the Agency and Fiscal Agent determine will prohibit the transfer of all funds from the Escrowed Proceeds Fund; and (iii) on the interest payment date next succeeding the date the Fiscal Agent determines that current market conditions prohibit the investment of all or a portion of the proceeds remaining in the Escrowed Proceeds Fund at a rate at least equal to the true interest rate on the Special Term Bonds. For the purpose of selecting Bonds by lot, Bonds in excess of $5,000 will be assigned a separate number for each $5,000 of principal they represent. The Term Bonds maturing on January l, 2013 and the Special Term Bonds maturing on January 1, 2014 are also subject to minimum sinking fund redemptions as provided in the Resolution. This Bond is issued in fully registered form and may be exchanged for a like aggregate principal amount of Bonds of 11-30-84 1282p/2281/04 A-3