Chicago Public Schools Takes Out $275 Million Loan - NBC Chicago
Ward Room
Covering Chicago's nine political influencers

Chicago Public Schools Takes Out $275 Million Loan

    processing...

    NEWSLETTERS

    Chicago Public Schools has turned to JPMorgan Chase for a $275 million loan to keep operating through June and make a contribution to teacher pensions. Susan Carlson reports.

    (Published Tuesday, June 20, 2017)

    Chicago Public Schools has turned to JPMorgan Chase for a $275 million loan to keep operating through June and make a contribution to teacher pensions.

    JP Morgan purchased "grant anticipation notes," a short-term loan meant to be repaid with state education aid.

    Chicago schools have plans to borrow close to $400 million. In addition to the JPMorgan loan, the school district officials say they plan to pursue another $112 million loan.

    The district said the $275 million "creates sufficient cash" for CPS to meet its obligations to the Chicago Teachers' Pension Fund.

    Rauner Skips Republican Fundraiser

    [CHI] Rauner Skips Republican Fundraiser

    The Illinois Republican party hosted a major fundraiser Monday night in Rosemont, not just with the governor's race on its member's minds, but also raising campaign funds for what may be hotly contested congressional races next year. Mary Ann Ahern reports.

    (Published Monday, June 19, 2017)

    CPS finance chief Ron DeNard says Illinois school districts have suffered under the failure of the administration of Gov. Bruce Rauner's to provide education funding in a timely manner.

    A Rauner spokesman placed the blame for Chicago school's need to borrow on mismanagement.

    Get the latest from NBC Chicago anywhere, anytime

    • Download the App

      Available for IOS and Android