Ord 2013-023/Electric System Revenue Bonds in an amount not to exceed $19,500,000

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No. R- EXHIBIT B FORM OF BONDS UNITED STATES OF AMERICA STATE OF TEXAS COUNTIES OF HAYS, CALDWELL AND GUADALUPE CITY OF SAN MARCOS, TEXAS ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES BOND INTEREST MATURITY DATE: RATE: 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 * and * of each year, commencing *. 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 * day of the preceding month. 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. As provided in the Pricing Certificate. To the extent that the Pricing Certificate relating to the Bonds is inconsistent with any provisions in this Form of Bond or contains information to complete missing information in this Form of Bond, the language in the Pricing Certificate shall be used in the executed Bonds. SanMARCOS \ElectricUtilSysRevBonds \2013: 1 stSuppOrdinance B-1