US Chicago school system plans to borrow up to $389 million

21:46  19 may  2017
21:46  19 may  2017 Source:   Reuters

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May 19, 2017. By Dave McKinney. CHICAGO (Reuters) – Chicago ’s cash-strapped public school system plans to seek up to $ 389 million in short-term A school -funding overhaul that would direct more money to Chicago ’s schools passed the Illinois Senate this week but drew immediate criticism

Chicago 's cash-strapped publicschool system plans to seek up to $ 389 million in short-termloans to avoid closing schools early for the summer and to makerequired pension payments next month, the mayor's officedisclosed on Friday.

FILE PHOTO: Chicago Mayor Rahm Emanuel delivers a speech in Chicago© REUTERS/Jim Young/File Photo FILE PHOTO: Chicago Mayor Rahm Emanuel delivers a speech in Chicago Chicago's cash-strapped public school system plans to seek up to $389 million in short-term loans to avoid closing schools early for the summer and to make required pension payments next month, the mayor's office said on Friday.

The fix will be secured through short-term financing against $467 million in delayed block grant funding by Illinois' fiscally paralyzed state government, which has not passed a full-year operating budget in 23 months.

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Escalating pension payments have led to drained reserves, debt dependency and junk bond ratings for Chicago Public Schools.

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“We think that the borrowing that CPS will put forth will be approximately $ 389 million Bruce Rauner will come up with a plan to send CPS more money. “The state of Illinois is the a city with crumbling infrastructure, a school system in crisis and violence that affects every neighborhood in Chicago .

CHICAGO Chicago 's cash-strapped public school system plans to seek up to $ 389 million in veto of legislation last November that would have funneled 5 million in state funds to the nation's third-largest school system to help it make a required 1 million pension payment next month.

The planned borrowing follows Republican Governor Bruce Rauner's veto in December of legislation that would have funneled $215 million in state funds to the nation's third-largest school system to help it make a required $721 million pension payment next month.

A school-funding overhaul that would direct more money to Chicago's schools passed the Illinois Senate this week but drew immediate criticism from Rauner's education chief, casting serious doubts on the measure's long-term prospects.

Absent any movement in the state legislature on school funding, Chicago Mayor Rahm Emanuel described the borrowing plans as a short-term bridge.

"While we work with state lawmakers on long-term solutions to Illinois' education funding challenges, in the short-term, (we) are doing what is necessary to keep our students in the classroom and on the path to a brighter future," Emanuel said in a statement.

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Quinn recently has proposed a new borrowing plan to squeeze as much

Mayor Rahm Emanuel's administration announced a $ 389 million borrowing plan on Friday that they say will keep Chicago Public Schools open until the end of the school year and pay teacher pensions.

Terms of the borrowing were not immediately known. The Emanuel-appointed Chicago school board expects to vote on the new borrowing authority at its May 24 meeting.

The grant money upon which the borrowing will be secured is part of $1.1 billion in state payments Illinois owes to more than 400 school systems. The state has been unable to distribute those grant payments because of the unrelenting budget stalemate.

The mayor's office said CPS expects to receive its allotment of state grant funds in "coming months." But Abdon Pallasch, a spokesman for Illinois Comptroller Susana Mendoza, said on Friday his office has no idea when the money will be disbursed.

Rauner's office did not have an immediate reaction to CPS's new borrowing.

(Editing by Chizu Nomiyama and Matthew Lewis)

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