Chicago Board Of Education Authorizes Another Billion Dollars Of Debt

On June 24, I blogged about the Chicago Board of Education approving plans to borrow more than $1 billion to meet its financial obligations .

And then I found out the Board of Education was seeking yet another cool billion to help pay the bills. Lauren Fitzpatrick reported on the Chicago Sun-Times website yesterday:

Chicago’s newly constituted Board of Education voted unanimously Wednesday to authorize up to $1.2 billion in long-term bonds so the district can pay for ongoing capital projects, fees on past borrowing and some costs of refinancing old debt.

That’s on top of the $1.1 billion the board approved last month in short-term lines of credit — and it won’t stave off about $200 million in cuts and 1,000-plus layoffs the district already announced

(Editor’s note: Bold added for emphasis)

All this brought to mind the lyrics of an Aerosmith song my buddies and I used to listen to back in high school:

It’s the same old story, same old song and dance, my friend…

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Fitzpatrick, Lauren. “Chicago Board of Ed votes to approve $1.2 billion in borrowing.” Chicago Sun-Times. 22 July 2015. (http://chicago.suntimes.com/news/7/71/814622/cps-seeks-permission-borrow-1-2-billion). 23 July 2015.

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Thursday, July 23rd, 2015 Debt Crisis, Education

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