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3 <br />MATURITIES: The Bonds will mature on February 1 in each of the years, and in the <br />approximate amounts, in accordance with the following schedule. Each bidder is required to <br />specify in its bid whether, for any particular year, the Bonds will mature or, alternately, be <br />subject to mandatory sinking fund redemption in such year. <br /> <br />Year <br />(February 1) <br />Principal <br />Amount* <br />Year <br />(February 1) <br />Principal <br />Amount* <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />ADJUSTMENT OF PRINCIPAL AMOUNTS AND OF MATURITIES: The principal <br />amounts of each maturity of Bonds set forth above reflect certain estimates of the Authority and <br />the Municipal Advisor with respect to the likely interest rates of the winning bid and the premium <br />contained in the winning bid. Potential bidders will be notified via Parity not later than 1:00 p.m. <br />(California time) on the business day preceding the date then prescribed for the receipt of bids <br />of any change to the principal payment schedule for the Bonds to be utilized for the bidding <br />process. Following the determination of the successful bidder, the designated maturity amounts <br />set forth for the Bonds prior to the receipt of bids may be adjusted either upward or downward in <br />order to achieve approximately equal annual savings after award of the Bonds has been made <br />to the successful bidder. Any increase or decrease will be in $5,000 increments of principal <br />amounts. Such adjustment shall be made within 6 hours of the receipt of bids, in the sole <br />discretion of the Authority and without consulting the successful bidder, upon a recommendation <br />of the Municipal Advisor. The aggregate price bid by the successful bidder will be adjusted by <br />the Authority proportionate to any increase or decrease in the aggregate principal amount of the <br />Bonds and without consideration for the reoffering price by the successful bidder to the public of <br />any individual maturity of the Bonds. IN THE EVENT OF ANY SUCH ADJUSTMENT, NO <br />REBIDDING OR RECALCULATION OF THE BIDS SUBMITTED WILL BE REQUIRED OR <br />PERMITTED, AND THE SUCCESSFUL BIDDER MAY NOT WITHDRAW ITS BID OR <br />CHANGE THE INTEREST RATES BID OR ANY INITIAL REOFFERING PRICES AS A <br />RESULT OF ANY CHANGES MADE TO THE STATED PRINCIPAL AMOUNTS IN <br />ACCORDANCE WITH THIS OFFICIAL NOTICE OF SALE OR AMENDMENTS MADE <br />THERETO. FURTHER, IF THE AUTHORITY ADJUSTS THE PRINCIPAL PAYMENT <br />SCHEDULE FOR THE BONDS AFTER THE RECEIPT OF BIDS, THE UNDERWRITER’S <br />DISCOUNT, EXPRESSED IN DOLLARS PER THOUSAND DOLLARS OF BONDS, WILL BE <br />HELD CONSTANT. THE AUTHORITY WILL NOT BE RESPONSIBLE IF AND TO THE <br />EXTENT THAT ANY ADJUSTMENT AFFECTS (i) THE NET COMPENSATION TO BE <br />REALIZED BY THE BIDDER OR (ii) THE TRUE INTEREST COST OF THE WINNING BID OR <br />THE RANKING OF ANY BID RELATIVE TO OTHER BIDS. <br /> <br />INTEREST: Interest on the Bonds, calculated on a 30/360 day basis, at a rate or rates to <br />be fixed upon the sale thereof but not to exceed 6% per annum, will be payable semiannually on <br /> <br />* Preliminary; subject to change. <br />8.C. - Page 195