Chicago’s public school system plans to seek up to $389 million in short-term loans. This would help avoid closing schools early for the summer and would make required pension payments next month. The loan will be secured through short-term financing against $467 million in delayed block grant funding. The funding is by Illinois’ fiscally stalled state government, which has not had a full-year operating budget in almost two years. rising pension payments have contributed to exhausted reserves, and debt dependency for Chicago Public Schools.
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