May 19, 2017 / 4:34 PM / 2 months ago

Chicago school system plans up to $389 million in short-term loans

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CHICAGO, May 19 (Reuters) - 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 disclosed on Friday.

The fix will be financed 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. (Reporting by Dave McKinney; Editing by Chizu Nomiyama)

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