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Philadelphia schools to borrow $250 million just to stay open

from The Philadelphia Inquirer

Recently, the School Reform Commission warned that without a state budget it would be forced to borrow hundreds of millions of dollars just to keep schools open through the end of December. On Monday, it did just that, authorizing the borrowing of $250 million and shifting $40 million from its capital funds to pay for everyday costs. In all, if the Philadelphia School District needs to use all of the funds now allowed, the state budget stalemate will cost the district $2.5 million in interest and fees. more

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