Panther Valley School District Amendments

$7,345,000^*
Panther Valley School District, Carbon and Schuylkill Counties, Pennsylvania
General Obligation Bonds,
Series A of 2016

(1) Moody's Investors Service has assigned the following ratings to the Bonds.

Moody's: A3 (negative outlook) (underlying)

Moody's: A2 (enhanced)

(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
     -------      -------
     AGM/AGC/MAC: $27,000
     BAM:         $22,200

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

^*Preliminary, subject to change

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