<i> RESTAURANTES </i> MEXICALI

At $11,300, Thursday night’s dinner was a steal.

Let me hasten to add that this included appetizers, soup and a couple of glasses of wine. If you still think this is out of your price range, you’ll be happy to know that it was figured in pesos, which does make a slight difference--about $11,279 (U.S. currency) worth.

The restaurant was La Mision Dragon, its location, Mexicali, Baja California. Across the line from Calexico, in Southern California’s Imperial Valley, Mexicali lies just seven miles off Interstate 8, the freeway linking San Diego with parts east, and is about two hours from that city, four from Los Angeles.

Mexicali is the capital of Baja California Norte and a bustling metropolitan area of close to a million people. While it is not the sort of city a tourist would deliberately seek out--it is more businesslike and less flamboyant than Tijuana--it is a pleasant, foreign-flavored diversion along a well-traveled route and boasts a number of elegant yet low-priced restaurants.

Those who blanch at the thought of driving in Mexican traffic can find ample parking on the U.S. side of the border (public parking is available right on the border, on First Street, in Calexico) and walk across, catching one of the many taxis on the other side. (To reach Calexico, take Highway 111 south from I-8, just east of El Centro.)

A few other reassurances: Virtually all of our waiters had at least a rudimentary knowledge of English. And despite admonitions from friends not to drink the water, we did, after receiving assurance from captains and waiters that it came from bottles. The three restaurants mentioned below are all happy to accept U.S. currency and strive to give a favorable exchange rate. (Prices listed are based on a rate of 700 pesos to the dollar, but anyone who’s followed the business pages knows that the peso changes almost hourly.)

The grande dame of the Mexicali restaurant scene is the El Acueducto at the Hotel Lucerna. The restaurant is a favorite with executives on both sides of the border who wish to impress clients with an elegant meal and lush surroundings; one is as likely to hear English spoken at the next table as Spanish. The name means “aqueduct,” and the theme is carried out in graceful arches that line the bar area, ending in a waterfall plunging into a turquoise pool.

The hotel has been open since 1967 and has played host to the last three Mexican presidents, assorted ambassadors and the likes of Julio Iglesias, Robert Stack and the late Richard Burton. There is an impressive-looking wine list with a few European offerings, but most of the wines are from Mexico (it even lists a Mexican champagne). Many of the wines sell for about $3 (U.S.) a bottle.

Try as we might, we couldn’t figure out how to make our bill total more than $25 (U.S.)--for both of us. El Acueducto’s combinacion de mariscos (seafood combination) came to $5 and was stacked with a half lobster, two huge, buttery shrimp, a slightly oily piece of sea bass, mild Spanish rice and a fresh vegetable. There is T-bone steak ($5.30) and cheesecake, but the restaurant also serves Mexican food. I particularly like a gigantic combination which includes a rather sweetish enchilada, a chile relleno bursting with cheese and a strip of carne asada (watch out for the salsa!). All this for about $3 (U.S.).

El Acueducto, 2151 Blvd. Benito Juarez, Mexicali. Open seven days a week, 7 a.m. to 11:15 p.m.. Visa and MasterCard accepted.

Even more impressive, at least in terms of ambiance, is the aforementioned La Mision Dragon, one of the city’s many Chinese restaurants. Its expansive grounds, which are shut off from the bustle of the street outside by high brick walls, are verdant and breathtaking, filled with fountains, palms and meandering walkways. It is easy to see that La Mision once served as a “casa de campo, “ a country retreat, but the city has long since sprawled out to engulf it.

The decor--rococo Chinese with lots of dragons and red and gold--gives a pleasing effect. Certainly one of the largest restaurants in this corner of the southwest, the six dining rooms can easily seat 600 on a regular night and the restaurant’s grounds once overflowed with 10,000 attending a political function. I can’t imagine a nicer place to hold a big, blow-out affair.

Prices are very reasonable. Even the most expensive, eight-course combination dinner on the menu came to less than $5 (U.S.) per person; the least expensive was about $1.80. Among the better dishes are pato estilo dragon (at about $4 one of the most expensive items), a generous portion of crisp duck and camarones en salsa roja , large

shrimp in a spicy-sweet red sauce (about $1.50).

La Mision Dragon, 555 Blvd. Lazaro Cardenas, Mexicali. Open from noon until midnight seven days a week. Visa and MasterCard accepted.

We were profoundly disappointed to discover the mariachis are no longer the featured entertainment at Casa Blanca. This is one of Mexicali’s newest and most popular restaurants, conveniently located near Mexicali’s bullring and civic center. We were entertained by an organist playing tunes of the “Spanish Eyes” variety; it added a touch of kitsch to the attractive, Mexican-style dining room. However, owner Pedro Leon promises that negotiations are under way to bring the popular mariachis back to the “White House.”

If you hunger for a Mexican meal in Mexicali, Casa Blanca is the place to come. The one “American style” plate I tried here, shrimp served on a huge mound of rice, was $4--substantially more expensive than the Mexican entrees. It was not impressive. The Mexican dishes, however, are.

Start your meal with one of the entremeses (appetizers), perhaps queso fundido con chile --a large bowl of melted, mild yellow cheese topped with strips of chiles and accompanied by corn and flour tortillas. Tacos here are not filled with shredded meat, but rather with juicy chunks of barbecued beef, and the enchilada plate, the best dish we tasted, cost just $1.30. It was accompanied by the ubiquitous Spanish rice and homemade beans. Once again the salsa is industrial-strength; use discretion.

Casa Blanca, 399 Alfareros. Open from noon until 1 a.m. every day but Monday. Visa, MasterCard and American Express accepted.