$9,995,000*
Conewago Valley School District, Adams County, Pennsylvania
General Obligation Bonds, Series of 2017

(1) Moody's Investors Service has assigned an Aa3 rating to the Bonds.

(2) In accordance with the "Municipal Bond Insurance and Credit Rating" section of the Invitation to Bid for the Bonds, bidders only have the option to bid for the Bonds without insurance, or with insurance from one of the following insurers at the respective premiums:

  
     Insurer   Premium
     -------   -------
     AGC       $31,500
     AGM       $31,500
     BAM       $24,100
     MAC       $31,500

The cost of insurance and rating will be paid by the issuer.

*Preliminary, subject to change


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