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payment date, or unless such date of authentication is o46#
<br /> the first Record Date, in
<br /> which event it shall bear interest from March 1, 1994) principal hereof shall have
<br /> been paid at the interest rate per annum specified abo ble on January 1, 1995, and
<br /> semiannually thereafter on January 1 and July 1 in ear; provided, however, that if on
<br /> the date of authentication of this Bond, interest in default on this Bond, such Bond
<br /> shall bear interest from the interest payment data.lo which interest has previously been paid
<br /> or made available for payment.
<br /> The principal of this Bond shall be payable in lawful money of the United
<br /> States of America at the corporate trust office of Meridian Trust Company of California, as
<br /> trustee (the "Trustee") in San Francisco, California, 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 Ana 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 Leased 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 /> LAI-70373.1 2
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