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MAR-2:1-1994 16:29 5&P BOND INSURANCE ADMIN. 212 208 8262 P.001/002 <br /> Standard & Poor's Ratings Group <br /> Bond Insurance Administration <br /> 25 Broadway <br /> New York, New York 10004-1064 <br /> Telephone 212/208.1740 <br /> FAX 212/208.8252 <br /> March 21, 1994 <br /> Municipal Bond Investors Assurance Corporation <br /> 113 King Street <br /> Armonk, New York 10504 <br /> Re: $107,399,438.50 (OPV), $108,255,000 (MV) Santa Ana Financing Authority, <br /> Cal(fornia, Police Admtnistmtion and Holding Facility Lease Revenue Bonds, Series <br /> 1994A, dated: March 1, 1994; due:July 1, 2001.2024 (POLICY 015491) <br /> Ladies and Gentlemen: <br /> Pursuant to your request for a Standard & Poor's rating on the subject obligations, we have <br /> reviewed the information submitted and have assigned a rating of `AAA'. <br /> This reflects our assessment of the likelihood of repayment of principal and interest based on <br /> the bond Insurance policy your company is providing. <br /> Rating adjustments may result from changes in the financial position of your company or <br /> from alterations in documents governing the issue. With respect to the latter, please notify <br /> us of any changes or amendments over the term of the issue. <br /> When using this Standard & Poor's rating, include S&P's definition of the rating together <br /> with a statement that this may be changed, suspended or withdrawn as a result of changes in, <br /> or unavailability of, information. This rating is not a "market rating", because it is not a <br /> recommendation to buy, hold or sell the obligations. <br /> Please remember that complete documentation relating to this issue must be submitted no <br /> later than 90 days after the date of this letter. If you have any questions, please contact us. <br /> VJ <br /> Vey truly yours, ,£ 1671,1 <br /> /bg <br /> r <br /> R-98% 212 208 8262 03-21-94 03:32PM P001 #47 <br />