Chicago School System's Budget Fix
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Chicago School System’s Budget Fix

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.
http://feeds.reuters.com/~r/Reuters/domesticNews/~3/1fWM-LuZ7q4/us-chicago-education-budget-idUSKCN18F21A

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