Chicago Public Schools looking at $1.5B short-term loan
CHICAGO — Chicago Public Schools once again want to borrow their way out their current budget crunch.
The school board meets Wednesday to consider raising the school system’s line of credit to $1.5 billion.
CPS plans nearly a billion dollars of construction and renovation work, all with borrowed money; and that’s on top of its $5 billion budget.
Part of the money to pay for it will come from a quarter-billion-dollar property tax hike.