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<br />. < <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Length of <br />Reset Period <br />(expressed in years) <br /> <br />Redemption Prices as <br />a Percentage of <br />Principal Amount <br /> <br />Less than the remaining <br />term on Bonds and <br />greater than 10 <br /> <br />After 7 years at 102%, <br />declining 1/2% every 6 <br />months to 100% <br /> <br />Less than or equal to <br />10 and greater than 7 <br /> <br />After 5 years at 101-1/2%, <br />declining 1/2% every 6 <br />months to 100% <br /> <br />Less than or equal to <br />7 and greater than 5 <br /> <br />After 3 years at 101%, <br />declining 1/2% every 6 <br />months to 100% <br /> <br />In the event that the Term Bonds or Special Term Bonds <br />are remarketed for a term less than five years, the Bonds shall <br />be subject to redemption on any Reset Date, in whole or in <br />part, at a redemption price of the principal amount thereof. <br /> <br />The Bonds are subject to mandatory redemption as a <br />whole (but not in part) on any date prior to the expiration <br />date of the Initial Letter of Credit, upon receipt by the <br />Fiscal Agent of written notice from the Bank that (a) an event <br />of default under the Reimbursement Agreement has occurred and <br />instructing the Fiscal Agent to redeem all Bonds or (b) <br />repayment of an Interest Payment Drafts (as said term is <br />defined in the Reimbursement Agreement) under the Initial <br />Letter of Credit has not been received within six Business Days <br />after such drawing and instructing Fiscal Agent to redeem all <br />Bonds. <br /> <br />The Special Term Bonds are subject to mandatory <br />redemption as a whole or in part on December 15, 1990, if the <br />Tax Revenues with respect to the respective Series received or <br />to be received by the Agency for the 1990/91 Fiscal Year are <br />not equal to at least 1.20 times the Maximum Annual Debt <br />Service remaining on the Bonds then Outstanding from moneys on <br />deposit in the Escrow Fund. <br /> <br />This Bond is issued in fully registered form (herein <br />sometimes referred to as "Bond") and is negotiable upon proper <br />transfer of registration. This Bond may be exchanged for a <br />like aggregate principal amount of Bonds of other authorized <br />denominations. This Bond is transferable by the registered <br />owner, in person or by his attorney duly authorized in writing, <br />at the corporate trust office of the Fiscal Agent in the City <br />of Los Angeles, California, upon surrender and cancellation of <br />this Bond but only in the manner, subject to the limitations <br />and upon payment of the charges provided in the Resolution. <br /> <br />12-02-85 <br />9563p/2281/01 <br /> <br />A-4 <br />