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West Virginia, the Series 2011 Bonds Are Cumstances Shall This Exempt from All Taxation by the State of West Virginia Or Any Political Subdivision Thereof

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West Virginia, the Series 2011 Bonds Are Cumstances Shall This Exempt from All Taxation by the State of West Virginia Or Any Political Subdivision Thereof PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 10, 2011 NEW ISSUE Rating: Standard & Poor’s BOOK-ENTRY ONLY (See “Rating” herein) In the opinion of Bond Counsel, under existing laws, regulations, published rulings and judicial decisions of the United States of America, as presently written and applied, interest on the Series 2011 Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, upon the conditions and subject to the limitations set forth under the caption "TAX MATTERS” herein. In the opinion of Bond Counsel, under existing laws of the State of West Virginia, the Series 2011 Bonds are cumstances shall this exempt from all taxation by the State of West Virginia or any political subdivision thereof. See "TAX MATTERS" herein of these securities in any $37,000,000 The Board of Education of the ities lawsof such jurisdiction. County of Hancock (West Virginia) Public School Bonds, Series 2011 Dated: Date of Delivery Due: May 1, as shown below The Board of Education of the County of Hancock (West Virginia), Public School Bonds, Series 2011 (the “Series 2011 Bonds”) are general obligations of The Board of Education of the County of Hancock, West Virginia (the "Board"), which Board amendment. Under no cir has the power and is obligated to levy ad valorem taxes upon all the taxable property within the Hancock County School District to pay the Series 2011Bonds and the interest thereon, without limitation as to rate or amount. The Series 2011 Bonds will be issued in fully registered form only, without coupons, and, when issued will be registered in nor shall there be any sale the name of Cede & Co. as nominee of The Depository Trust Company ("DTC"), New York, New York. DTC will act as lification under the secur lification securities depository of the Series 2011 Bonds. Individual purchases will be made in book-entry form only in the principal amount of $5,000 or integral multiples thereof. Purchasers of the Series 2011 Bonds will not receive certificates representing their interests in the Series 2011 Bonds. Pursuant to Chapter 13, Article 1 of the Code of West Virginia, 1931, as amended, both the principal of and interest on the Series 2011 Bonds are payable at the office of the West Virginia Municipal Bond Commission, Charleston, West Virginia, as Paying Agent. The Board has designated WesBanco Bank, Inc., Wheeling, West Virginia, as Registrar. Interest on the Series 2011 Bonds will be payable on November 1, 2011 and semiannually thereafter (each May 1 and subject to completion and registration or qua November 1) in each year until maturity. The principal of and interest on the Series 2011 Bonds are payable by the Paying Agent to DTC, which will in turn remit such principal and interest to its Participants for subsequent distribution to the Beneficial Owners of the Series 2011 Bonds, as described herein. itation of an offer to buy, The Series 2011 Bonds are subject to redemption prior to maturity as described herein. MATURITIES, AMOUNTS, RATES, YIELDS AND CUSIPS Maturing Principal Interest Yield CUSIP Maturing Principal Interest Yield CUSIP (May 1) Amount ($) Rate (%) (%) Base #: (May 1) Amount ($) Rate (%) (%) Base #: 2012 595,000 2025 1,480,000 2013 865,000 2026 1,545,000 2014 900,000 2027 1,620,000 2015 945,000 2028 1,695,000 2016 985,000 2029 1,770,000 an offer to sell or the solic 2017 1,030,000 2030 1,850,000 tion or sale would be unlawful prior to 2018 1,080,000 2031 1,935,000 2019 1,130,000 2032 2,025,000 2020 1,180,000 2033 2,120,000 2021 1,235,000 2034 2,215,000 2022 1,290,000 2035 2,320,000 2023 1,350,000 2036 2,425,000 2024 1,415,000 The Series 2011 Bonds are offered for delivery when, as and if issued, subject to approval of legality by Bowles Rice McDavid Graff & Love LLP, Charleston, West Virginia, Bond Counsel. Certain legal matters will be passed upon for the Board by Bowles Rice McDavid Graff & Love LLP, Morgantown, West Virginia, Counsel to the Board. It is expected that the Series 2011 Bonds will be available for delivery to DTC, New York, New York on or about March 10, 2011. Sale Date: February 24, 2011 *See inside cover for footnote Preliminary Official Statement constitute This Preliminary Official Statement and the information contained herein are jurisdiction in which such offer, solicita $37,000,000 The Board of Education of the County of Hancock (West Virginia) Public School Bonds, Series 2011 ELECTED OFFICIALS Jerry Durante, President Patsy Brancazio, Board Member Laura Greathouse, Board Member Toni Hinerman, Board Member John Manypenny, Board Member APPOINTED OFFICIALS Suzan Smith, Superintendent Wayne Neely, Assistant Superintendent Joseph Campinelli, Treasurer BOARD’S COUNSEL Bowles Rice McDavid Graff & Love LLP Morgantown, West Virginia BOND COUNSEL Bowles Rice McDavid Graff & Love LLP Charleston, West Virginia FINANCIAL ADVISOR Raymond James & Associates, Inc. Charleston, West Virginia *CUSIP numbers have been assigned by an independent company not affiliated with the Board and are included on this cover page solely for the convenience of the Owners of the Series 2011 Bonds only at the time of issuance of the Series 2011 Bonds. Neither the Underwriters nor the Board makes any representation with respect to the accuracy of such CUSIP numbers as indicated in the above table or undertakes any responsibility for the selection of the CUSIP numbers or their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2011 Bonds. No dealer, broker, salesman or other person has been authorized by The Board of Education of the County of Hancock, West Virginia, to give any information or to make any representations other than as contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized by the Board. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy nor there any sale of the Series 2011 Bonds herein described by any persons in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained by the Board from sources which are believed to be reliable, but it is not guaranteed as to accuracy or completeness. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Board since the date hereof. TABLE OF CONTENTS INTRODUCTION ................................................... 1 THE SERIES 2011 BONDS .................................... 1 Statement of Revenues and Expenditures – General .................................................................... 1 Budget and Actual ................................................ 13 Optional Redemption ............................................... 2 Insurance Coverage ................................................. 14 Optional Term Bonds .............................................. 2 Teachers Retirement Systems .................................. 14 Authority and Purpose ............................................. 2 TAX MATTERS .................................................... 15 Nature of Obligation, Security and Source of LITIGATION IN THE STATE CONCERNING Payments .............................................................. 3 THE SCHOOL FINANCING SYSTEM ............. 16 Debt Administration ................................................ 3 LITIGATION ........................................................ 18 HANCOCK COUNTY SCHOOL DISTRICT ...... 4 CONTINUING DISCLOSURE ............................ 18 General .................................................................... 4 LEGAL MATTERS .............................................. 18 Historical School Enrollment .................................. 4 SALE AT COMPETITIVE BIDDING ................ 18 Projected Enrollment ............................................... 5 RATING ................................................................. 18 Facilities .................................................................. 5 FINANCIAL ADVISOR ....................................... 19 Tax Collection Procedures ....................................... 5 CONCLUDING STATEMENT ........................... 19 Tax Levies and Collections ..................................... 6 APPENDIX A Assessment Procedure ............................................. 6 Audit Report of Hancock County Board of Education Property Classification ............................................ 7 for the Fiscal Year Ended June 30, 2009 Assessed Valuations ................................................ 7 APPENDIX B Assessed Valuation by Property Class ..................... 7 Economic and Demographic Data – County of Assessed Valuation by Property Category .............. 7 Hancock (West Virginia) Largest Assessed Valuations ................................... 8 APPENDIX C Tax Rate Comparisons ............................................. 8 Proposed Form of Legal Opinion County Tax Rates .................................................... 8 APPENDIX D School Tax Rates ..................................................... 9 Proposed Projects Rates
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