The Federal PA15A series 1E, PA20A series 2E, PA70, PA100, PA150, PA170, PA200, and PA1000 all share the same siren oscillator circuit. The circuit was introduced in the early 1970s and is designed to produce high-pitched wail and yelp tones like the sirens we hear nowadays. I call it the 'screamer circuit' because the wail tone sounds like a two year old child throwing a nasty temper tantrum.
The sound you are describing is sometimes called the 'bomb drop' and usually occurs when flipping the selector switch from yelp back to wail. I think that may have something to do with the configuration of the diodes and capacitors in that type of circuit. If you move the switch in between the wail and yelp tones you will also get a 'chirping' sound, and if the siren has the hi-lo tone you get a weird 'barking' tone between yelp and hi-lo.