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No. R-2 <br /> Unless this certificate is presented by an authorized representative of The Depository <br /> Trust Company, a New York corporation ("DTC"), to the Authority or its agent for <br /> registration of transfer, exchange, or payment, and any certificate issued is registered in the <br /> name of Cede & Co. or in such other name as is requested by an authorized representative of <br /> DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an <br /> authorized representative of DTC), ANY TRANSFER, PLF.IDGE, OR OTHER USE <br /> HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL <br /> inasmuch as the registered owner hereof, Cede & Co., has an interest herein. <br /> THIS BOND MAY NOT BE SPLIT UP, TRANSFERRED OR EXCHANGED <br /> EXCEPT AS PROVIDED IN THE INDENTURE REFERRED TO HEREIN <br /> SANTA ANA FINANCING AUTHORITY <br /> POLICE ADMINIS IRATION AND HOLDING FACILITY <br /> LEASE REVENUE BONDS, SERIES 1994A <br /> (CAPITAL APPRECIATION BOND) <br /> INTEREST RATE MATURITY DATE DATED DATE CUSIP 'h.ER <br /> 0.00% July 1, 2002 March 23, 1994 81 1 P 1 AD 1 <br /> REGISTERED OWNER: CEDE & CO. Co <br /> INITIAL PRINCIPAL AMOUNT: FOUR HUNDRED NINETY-NINE THOUSAND <br /> FIVE HUNDRED NINETY-EIGHT DOLLARS <br /> AND EIGHTY CENTS ($499,598.80) <br /> AMOUNT PAYABLE AT MATURITY: SEVEN HUNDRED SEVENTY THOUSAND <br /> DOLLARS ($770,000) <br /> The SANTA ANA FINANCING AUTHORITY, a joint powers authority, <br /> duly created and lawfully existing under the Constitution and laws of the State of California <br /> (the "Authority"), for value received, hereby promises to pay (but only out of the Revenues <br /> hereinafter referred to) to the registered owner specified above or registered assigns on the <br /> maturity date specified above (subject to any right of prior redemption provided for) the <br /> amount payable at maturity as specified above, together with interest thereon from the <br /> interest payment date next preceding the date of authentication hereof (unless such date of <br /> authentication is during the period commencing after the fifteenth day of the month preceding <br /> an interest payment date (the "Record Date") through and including the next succeeding <br /> interest payment date, in which event this Bond shall bear interest from such interest <br /> LA1-70373.1 <br />