The Chicago Board of Education is expected to take up a $1.16 billion long-term borrowing plan on Wednesday, reports the Chicago Tribune.
If approved, the new borrowing would be used, in part, for debt refinancing purposes and to terminate interest-rate swaps with banks.
This proposal is separate from a short-term borrowing plan totaling $935 million that the school board OK'ed in June.
Meanwhile, CPS is depending on $500 million in pension reform savings from Springfield for individual school budgets that were released last week. Without the pension reforms, school district officials warned last week that "unsustainable borrowing" would be likely and "additional cuts" would hit schools later in the upcoming school year.
CPS has already outlined $200 million in budget reductions that cash-strapped CPS announced after it was required to make a $634 million payment on June 30 to the Chicago Teachers' Pension Fund.