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EXHIBIT B FORM OF BOND UNITED STATES OF AMERICA STATE OF TEXAS CITY OF SAN MARCOS, TEXAS PASS-THROUGH TOLL REVENUE AND LIMITED TAX BONDS, SERIES 2008 No. BOND DATE: ISSUANCE DATE: INTEREST RATE: MATURITY DATE: CUSIP: REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS The City of San Marcos, Texas (the "City") hereby promises to pay, solely from the sources hereinafter identified and as hereinafter stated, to the Registered Owner named above, or the registered assigns thereof, the Principal Amount specified above on the Maturity Date specified above and to pay interest on the unpaid principal amount hereof from the Bond Date specified above at the per annum rate of interest specified above computed on the basis of a 360-day year of twelve 30-day months; such interest being payable on February 15 and August 15 of each year, commencing February 15, 2009. Principal of this Bond shall be payable to the Registered Owner hereof, upon presentation and surrender, at the designated office of the Paying Agent/Registrar named in the registration certificate appearing hereon, or its successor. Interest shall be payable to the Registered Owner of this Bond whose name appears on the "Security Register" maintained by the Paying Agent/Registrar at the close of business on the "Record Date," which is the last business day of the month next preceding each interest payment date. All payments of principal of, premium, if any, and interest on this Bond shall be payable in lawful money of the United States of America, without exchange or collection charges, and interest payments shall be made by the Paying Agent/Registrar by check sent on or before the appropriate date of payment, by United States mail, first-class postage prepaid, to the Registered Owner hereof at the address appearing in the Security Register or by such other method, acceptable to the Paying Agent/Registrar, requested by, and at the risk and expense of, the Registered Owner hereof. This Bond is one of a duly authorized issue of bonds designated as "City of San Marcos, Texas Pass-Through Toll Revenue and Limited Tax Bonds, Series 2008" (the "Bonds"), in the aggregate principal amount of $42,950,000 issued pursuant to the laws of the State of Texas, including specifically the Enabling Act (the "Enabling Act"), and initially under and pursuant to a resolution of the City adopted on March 4, 2008, and entitled First Supplemental Ordinance to the SAN MARCOS 2008: Fus[SupplementalOrdinance B-1