Note: a 4.6 will go 200,000 miles with bad valve seals...it will just smoke on a cold start and after prolonged idling. Halve the plug-replacement intervals and drive it. It will usually pass a smog test easily as long as it's fully warmed up.
From experience at a livery outfit: 1995 was the first year for a freshened interior ("batwing" steering wheel hub, rotary HVAC, 1.5-DIN stereo, I think new door panels). They seemed to have a bit of a problem with airbag clocksprings. Easy check: if it's bad, the airbag light is on, the horn and cruise control (if equipped, it was NOT standard on P71's) are dead. Not a difficult fix, but it won't pass inspection until it IS fixed.
I would be a LITTLE concerned about the transmission with 195K...though with 195K, it has PROBABLY been replaced or rebuilt already.
Also, if you care: many police Vics of that era didn't have anti-lock brakes.