Broke Chicago Schools Seek Court Help as Pension Bill Looms
- District leaders say schools may close early without state aid
- Judge deals setback to lawsuit in Friday ruling, paper reports
A school bus in Chicago, Illinois, on March 21, 2013.
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Chicago’s debt-ridden schools are running out of options.
The nation’s third-largest school district -- whose credit rating has tumbled well into junk -- must make a $721 million pension payment by June 30 and officials are scrambling to find the funds. Ending the year early, canceling summer school, and slashing classroom spending are all possible, the Chicago Board of Education said in connection with a lawsuit that’s seeking to wrest more cash from Illinois.