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<br />. <br /> <br />. <br /> <br />I <br /> <br />. <br /> <br />. <br /> <br />day is not a Business Day as defined hereinafter, on the next <br />succeeding Business Day), the Remarketing Agents shall <br />determine the highest rate of interest but <br /> <br />For each Reset Period subsequent to December 15, 1989, <br />the interest rate for the Bonds will be a rate per annum equal <br />to the Reset Rate, determined as follows on December~, 1990 <br />(or if such date is not a Business Date as defined hereinafter, <br />on the next succeeding Business Date), and on the fourteenth <br />day immediately preceding each rate of interst but not to <br />exceed 12% per annum or the maximum rate permitted by law that <br />the Agency could pay on all Outstanding Bonds, based on 120% of <br />Pledged Revenues Agents, determined in accordance with the <br />Remarketing Agreement. Such interest rate shall be the Reset <br />Rate for the Bonds. The Remarketing Agents (having due regard <br />to prevailing market conditions) shall determine the Reset <br />Period for the Bonds as that period of one month or any <br />multiple thereof which would result in the market value of the <br />Bonds for which the Reset Period is being determined, and <br />bearing interest at the Reset Rate, being one hundred percent <br />(100%) of the principal amount thereof. If such a <br />determination produces a Reset Period which exceeds the final <br />maturity of the Bonds, then the Reset Rate shall be equal to <br />that rate which produces a Reset Period ending on the final <br />maturity of the Bonds. The interest rate so determined shall <br />be the Reset Rate payable on the Bonds for the Reset Period <br />commencing on the next succeeding Reset Date. <br /> <br />This Bond, the interest hereon and any premium due <br />upon the redemption of this Bond prior to maturity are not a <br />debt of the City of Santa Ana, the State of California or any <br />of its political subdivisions, and neither the City, the State <br />nor any of its political subdivisions is liable for the payment <br />of any principal, interest or premium. In no event shall this <br />Bond, the interest or any premium be payable out of any funds <br />or properties other than the funds of the Agency as set forth <br />in the Resolution hereinafter mentioned. This Bond does not <br />constitute an indebtedness within the meaning of any <br />constitutional or statutory debt limitation or restriction. <br />Neither the members of the Agency nor any persons executing <br />this Bond are liable personally on this Bond by reason of its <br />issuance. <br /> <br />This Bond is one of a duly authorized issue of Bonds <br />of the Agency designated "City of Santa Ana Community <br />Redevelopment Agency, City of Santa Ana Redevelopment Project <br />Area, Tax Allocation Refunding Bonds, 1985 Series E" (herein <br />called the "Bonds"), in an aggregate principal amount of <br />$20,000,000, all of like tenor (except for bond numbers and <br />amounts) and all of which have been issued pursuant to and in <br />full conformity with the Constitution and laws of the State of <br />California and particularly the Community Redevelopment Law <br />(Part 1 of Division 24 of the Health and Safety Code of the <br /> <br />12-28-85 <br />0063k/228l/05 <br /> <br />A-2 <br />