The Chicago Public Schools district is proposing to borrow as much as $945 million for capital improvements. 

The borrowing would cover "the rehabilitation, renovation, construction and acquisition of school and administrative buildings and equipment," among other capital improvements.  

The district, which has junk credit ratings, will hold a public hearing next Wednesday on the proposed bond sale, according to a notice. 

The August 24 hearing will take place at 8:30 a.m. at the district's headquarters, 42 W. Madison St. The school board is slated to meet that day at 10:30 a.m. and will take up the borrowing package.

"CPS is committed to ensuring that our students have safe, comfortable and modern schools where they can learn," a CPS spokeswoman said in statement.  "The district is notifying the public regarding a potential bond authorization to support necessary capital improvements over multiple years in schools across Chicago. CPS holds public hearings as part of the process to authorize future bond sales, and as the notification states, the district will not exceed the amount it is notifying, but this does not mean that the district will borrow the entire authorized amount."