|
annum specified above, payable on January 1, 1995, and semiannually thereafter on January
<br /> 1 and July 1 in each year; provided, however, that if on the date of authentication of this
<br /> Bond, interest is then in default on this Bond, such Bond shal bear interest from the interest
<br /> payment date to which interest has previously been paid � available for payment.
<br /> The principal of this Bond shall be r< in lawful money of the United
<br /> States of America at the corporate trust office r '4 dian Trust Company of California, as
<br /> trustee (the "Trustee") in San Francisco, C. j a 1,, upon presentation and surrender of this
<br /> Bond.
<br /> Payment of interest on this Bond due on or before the maturity or prior
<br /> redemption, thereof shall be made to the person in whose name such Bond is registered, as
<br /> of the Record Date preceding the applicable interest payment date, on the registration books
<br /> kept by the Trustee, such interest to be paid by check mailed by first class mail on such
<br /> interest payment date to the registered owner at his address as it appears on such books.
<br /> Interest on this Bond shall be payable in lawful money of the United States of America and
<br /> shall be calculated on the basis of a 360-day year consisting of twelve 30-day months.
<br /> This Bond is one of a duly authorized issue of bonds of the Authority
<br /> designated as its "Santa Ma Financing Authority Police Facility Lease Revenue Bonds,
<br /> Series 1994A" (the "Bonds"), in the aggregate principal amount of One Hundred Seven
<br /> Million Three Hundred Ninety-Nine Thousand Four Hundred Thirty-Eight Dollars and Fifty
<br /> Cents ($107,399,438.50), of which $84,730,000 aggregate principal amount shall be issued
<br /> as Current Interest Bonds, $1,469,438.50 aggregate principal amount shall be issued as
<br /> Capital Appreciation Bonds, $10,600,000 aggregate principal amount shall be issued as
<br /> Auction Rate Securities ("ARS") and $10,600,000 aggregate principal amount shall be issued
<br /> as Inverse Rate Securities ("IRS"), all of like tenor and date (except for such variations, if
<br /> any, as may be required to designate varying numbers, maturities and interest rates), and is
<br /> issued under and pursuant to the provisions of an indenture, dated as of March 1, 1994 (the
<br /> "Indenture"), between the Authority and the Trustee (copies of which are on file at the office
<br /> of the Secretary of the Authority and at the Corporate Trust Office of the Trustee).
<br /> The Bonds are issued to provide funds to finance the cost of acquiring,
<br /> constructing and installing certain public capital improvements (the "Project") in the City of
<br /> Santa Ana (the "City"). The Bonds are limited obligations of the Authority and are payable,
<br /> as to interest thereon and principal thereof, solely from the revenues derived from base rental
<br /> payments paid by the City pursuant to a lease, dated as of March 1, 1994 (the "Lease"),
<br /> between the Authority, as lessor, and the City, as lessee, for the use and possession of the
<br /> Leased Property (as defined in the Lease) as long as the City has such use and possession of
<br /> the JPised Property, which includes the Project, as well as from all other benefits, charges,
<br /> income, proceeds, profits, receipts, rents and revenues derived by the Authority, as assignee
<br /> of the Agency's rights under the Lease, from operation or use of the Leased Property (the
<br /> "Revenues"). All the Bonds are equally and ratably secured in accordance with the terms
<br /> and conditions of the Indenture by a pledge of the Revenues, which Revenues shall be held in
<br /> trust for the security and payment of the interest on, principal of and redemption premiums,
<br /> if any, on the Bonds as provided in the Indenture.
<br /> LA1-70347.1 2
<br />
|