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t 9, 1988 <br />principal corporate trust offiea. <br />Bank of California, National Aasociatiaa; <br />Francisco, California <br />$16,125,000 <br />Califarnia.aoasing Pinence :Agency - <br />Bowleg Revenue Bonds (Insured) <br />1988 Series A_ . r <br />lemen: <br />Municipal aond Inwaton <br />AP' 'vamp. Corpantlon <br />aa_ >mnlan Ammon <br />Boa 788 <br />Whyte Pans M' 10602 <br />914 681 -1300 <br />a connection with the above - described obligations (the "Obligations ") of <br />ich you are acting as paying agent (the " Payirg Agent ")', please be advised <br />t the payment to you of principal of and interest on the Obligations has <br />n guaranteed by a policy of municipal bond guaranty insurance (the <br />"Policy ") issued .by the MunicipaL $and Investara:Assassin CarjIeratioo (the <br />"Insurer";. Citibank. 14.4.., 1su - ;Tern *. ' Tork4.. f.tflr. '7iaeal,' Aitat!Y is <br />acting as the fiscal:ageat. foe tie lemmum te. .•. <br />The Policy unconditionally and irrevocably guarantees to any owner or holder <br />of the Obligations or, if applicable, of the coupons appertaining thereto (the <br />"Owner "), she full and complete payment required to be made by or on behalf of <br />the issuer of the Ohl/gat/ma (the "Issuer ") to the Paying Agent or its <br />;successor of an amount _to (i) the principal of (either at the stated, <br />:-.maturity ar by any advancement of maturity pursuant to a mandatory sinking <br />fond' payment) sad interest on, the Obligations as such .,.payments .ball .become. <br />due but shall not..bs- so paid (except that in the event of any acceleration of <br />the-dtie date of weir principal by reason of mandatory a- optional redemption <br />or acceleration resulting from default or otherwise, other than any <br />advancement of maturity pursuant to a mandatory sinking fund payment, the <br />payments guaranteed by the Policy shall be made in such amounts and at such <br />times as such payments of principal would have been due had there not been any <br />such aeeeletatianit. and (oil ths- reimbursement.of any such payment which is <br />subsequently reed Bred from any Owner pursuant to a final ' judgment - by a court <br />of competent jurisdiction that such payment constitutes an avoidable <br />preference (a "Preference ") to the Owner within the meaning of any applicable <br />bankruptcy law. The amounts referred to in clauses (i) and (ii) of the <br />preceding satiate ors• referred to collectively in this latter as IM "Insured <br />Amounts." <br />