Chicago Public Schools looking at $1.5B short-term loan

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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.