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. . I . . State of California) for the purpose of refunding the Agency's contractual obligation under an Agreement (as that term is defined in the Resolution) and are authorized by and issued pursuant to Resolution No. BA, adopted by the Agency on December 17, 1985 (the Resolution being herein referred to as the "Resolution"). Copies of the Resolution are on file with the Secretary of the Agency and the Fiscal Agent. Al~ of the Bonds are equally secured in accordance with the terffi$ of the Resolution, reference to which is hereby made for a specific description of the security provided for the Bonds, for the nature, extent and manner of enforcement of such security, for the covenants and agreements made for the benefit of the Bondowners, and for a statement of the rights of the Bondowners. By the acceptance of this Bond the registered owner hereof consents to all of the terms, conditions and provisions of the Resolution. In the manner provided in the Resolution, the Resolution and the rights and obligations of the Agency and of the Bondowners may (with certain exceptions as stated in the Resolution) be modified or amended with the consent of the Owners of fifty percent (50%) in aggregate principal amount of outstanding Bonds, exclusive of issuer-owned Bonds, unless the modification or amendment is for the purpose of curing ambiguities, defects, or accomplishing the other purposes set forth in the Resolution in which case no Bondowners' consent is required. The principal of this Bond and the interest on it are secured by an irrevocable pledge of, and are payable solely out of, the Tax Revenues (as that term is defined in the Resolution) and certain other funds, all as more particularly set forth in the Resolution, including, the draws upon a certain letter of credit issued by Swiss Bank Corporation referred to in the Resolution (the "Initial Letter of Credit"). The 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. On each Reset Date, all Bonds then Outstanding shall be subject to mandatory purchase by the Remarketing Agents. Such mandatory purchase shall occur on any Reset Date at a purchase price equal to the principal amount of the Bonds plus accrued interest to the date of purchase. Notwithstanding the foregoing, Bonds shall not be purchased on a Reset Date if the Owner thereof has delivered to the Agent for the Fiscal Agent at least seven days prior to the applicable Reset Date an irrevocable notie as described above electing to have such Owner's Bonds not so purchased. Bonds to be purchased pursuant to such mandatory purchase shall be delivered by the Owners thereof to the Remarketing Agents (together with necessary assignments and endorsements) on or prior to the applicable Reset Date. Notice of the determination of the Reset Rate and the Reset Period shall be given to the Bondowner in the manner provided in the Resolution. 12-28-85 0063k/2281j05 A-3