Blood Moon (1989)

Students start mysteriously disappearing from a private girls school and neighboring boys school.  When a teenage couple sneak away to the woods one  night for some extracurricular activities, a killer with a barbed wire noose chokes them and gouges their eyes out. Yuck!  The thought of a barbed wire noose is horrible.

After the quick kills at the beginning of the movie, the film veers off into a teen comedy plot line where the townies are being harassed by the rich prep kids.  The rivalry culminates at a weekend dance when the preps are humiliated by being sprayed with a water canon.

There is also  a romance between a townie and a rich girl, following stereotypical plot lines where they  sneak around because they're dating outside their class, before going back into the slasher part of the film.

The band at the dance is called Vice. They sing a song called Blood Moon which has a ballad style verse but then kicks in at the chorus.  It contains the lyrics:

Love is the messenger
And death is his rage
Blood moon a-rising