NEW CUMBERLAND – Bonds to fund a series of improvements within Hancock County Schools have been awarded, 10 months after being authorized by the county’s voters.

The Hancock County Board of Education met in a special session Thursday afternoon, awarding the sale of the planned $10,650,000 public school bonds series 2025 to Fifth Third Securities Inc. of Cincinnati, who offered a purchase price of $11,167,939.15 and a true interest cost of 3.320903%.

“We all like good news,” said Hancock County Schools Superintendent Dan Enich.

Board Vice President Ed Fields noted, when the board had proposed the sale of the bonds as part of a levy approved by voters in November, officials had done so with a worst-case scenario for interest rates of 6% in an effort to explain the potential impact of the levy on county taxpayers.

“This is a lot better than what we were saying,” Fields said.

Tom Pearcy, of Bowles Rice, who served as bond counsel for the sale, and Rob Steptoe, of Crews and Associates, who provided accounting services, noted it was the highest of three bids received for the bond sale, with the lowest interest rate. In addition, they anticipate that, as a result of the bid and other potential economic factors in the county, residents should see the amount they are assessed through the bond levy decrease each year.

“These were fantastic results for the sale of these bonds,” Pearcy said. “It’s very competitive in today’s market.”

In addition to awarding the sale of the bonds, the school board authorized investment of proceeds from the bonds into the West Virginia Government Money Market, which is overseen by the West Virginia Treasurer’s Office.

Steptoe noted any earnings from those investments also can be used in projects within the school district.

The sale of the bonds is scheduled to officially be closed on Sept. 18, with the terms to last until June 1, 2035.

Hancock County voters approved the bond levy during the November 2024 election by votes of 6,938 in favor and 5,299 against, surpassing the 50% approval rate needed.

Under the terms of the levy, each school and facility under the school district will be allocated funding for a variety of improvement projects.

Oak Glen High will receive $2,096,728 for gymnasium and theater improvements, visitor identification systems, security vestibule upgrades, security camera installations, weapons detection systems, cell phone boosters, lunch table replacements, and upgrades to paving and parking lots, HVAC systems, elevator systems, signage, a storage building and fire alarms.

Weir High School will receive $2,150,352 toward gymnasium and theater improvements, visitor ID systems, security camera installations, weapons detection systems, cell phone boosters, lunch table replacements and other improvements to the paving and parking lots, HVAC, roof and skylights, signage, storage building, fencing, guardrails and fire alarm systems.

The John D. Rockefeller IV Career Center will receive $1,296,422 for visitor ID systems, security camera installations, weapons detection systems, security vestibule upgrades, security gates, cell phone boosters, improvements to paving and parking lots, elevator, signage, storage building and fire alarm systems.

Oak Glen Middle will receive $1,633,011 for gymnasium upgrades, security cameras, visitor ID systems, weapons detection systems, security vestibule upgrade, the pyrite remediation project at the school, a cell phone booster, lunch table replacements, paving and parking lots, HVAC, storage building and signage.

Weir Middle School will receive $1,173,417 toward gymnasium improvements, theater improvements, security cameras, visitor ID systems, weapons detection systems, cell phone boosters, lunch table replacements, paving and parking lots, HVAC, signage and fire alarms.

A.T. Allison Elementary will receive $530,220 for a new play yard, paving and parking improvements, security cameras, visitor ID systems, weapons detection system, cell phone booster, storage building and lunch table replacements.

New Manchester Elementary will receive $500,821 for a play yard, paving and parking lot improvements, security cameras, visitor ID systems, weapons detection systems, cell phone booster and lunch table replacements.

Weirton Elementary will receive $664,135 for a play yard, an additional access road, paving and parking lot improvements, visitor ID systems, weapons detection systems, security cameras, cell phone booster and lunch table replacements.

The Transportation and Maintenance Department will receive $444,894 for a new salt shed, security cameras and paving.