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Junk-rated Chicago schools eye $1.9B of debt sales

from Reuters

The Chicago Board of Education will vote next week on a plan to keep its junk-rated school system afloat with a note sale of up to $1.55 billion, along with the refunding of as much as $385 million of outstanding bonds, according to a meeting agenda released on Thursday. In addition to the debt issuance, the board on Monday will also take up a $5.7 billion fiscal 2018 budget for the Chicago Public Schools (CPS) that relies on nearly $570 million in new state and city funding that may or may not materialize. more

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