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EXHIBIT B <br /> FORM OF NOTE <br /> REGISTERED REGISTERED <br /> NO. PRINCIPAL AMOUNT <br /> $46,000,000 <br /> THE TRANSFERABILITY OF THIS NOTE <br /> IS RESTRICTED AS SET FORTH IN SECTION 5(F) <br /> OF THE HEREINAFTER DEFINED RESOLUTION <br /> UNITED STATES OF AMERICA <br /> STATE OF TEXAS <br /> ALLIANCE REGIONAL WATER AUTHORITY <br /> BOND ANTICIPATION NOTE <br /> (REGIONAL WATER SUPPLY CONTRACT PROJECT) <br /> SERIES 2023 <br /> NOTE STATED INTEREST CUSIP <br /> DATE MATURITY RATE NO. <br /> December 21, 2023 4.72% <br /> REGISTERED OWNER: WELLS FARGO MUNICIPAL CAPITAL STRATEGIES,LLC <br /> PRINCIPAL AMOUNT: FORTY-SIX MILLION DOLLARS <br /> The Alliance Regional Water Authority (the "Authority"), a conservation and reclamation <br /> district of the State of Texas (the "State"), created by the Cities of Buda, Kyle and San Marcos, <br /> Texas and the Canyon Regional Water Authority a conservation and reclamation district and <br /> political subdivision of the State created and existing pursuant to Article XVI, Section 59 of the <br /> Texas Constitution and existing under the laws of the State, for value received, hereby promises <br /> to pay to the order of the Registered Owner specified above, or the registered assigns thereof, on <br /> the Stated Maturity specified above,the Principal Amount specified above (or so much thereof as <br /> shall not have been paid upon prior redemption), and to pay interest on the unpaid principal <br /> amount hereof from the Note Date, or from the most recent Interest Payment Date to which <br /> interest has been paid or duly provided for, to the earlier of redemption or Stated Maturity, at the <br /> per annum rate of interest specified above computed on the basis of a 360-day year of twelve <br /> 30-day months; such interest being payable on the Stated Maturity. <br /> Principal and premium, if any, of this Note shall be payable to the Registered Owner <br /> hereof(the "Holder") upon presentation and surrender, at a corporate trust office of the Paying <br /> Agent/Registrar executing the registration certificate appearing hereon or a successor thereof. <br /> Interest shall be payable to the Holder of this Note (or one or more predecessor Notes) whose <br /> name appears on the Security Register maintained by the Paying Agent/Registrar at the close of <br /> B-1 <br /> ARWA\BAN\2023:Authorizing Resolution <br />