Governor OKs Plan for Chicago Schools
Gov. Jim Edgar signed a financial rescue plan for Chicago public schools late Sunday night, letting the nation’s third-largest school system continue operating.
The governor’s signature ended almost three months of legislative wrangling over how to help the school system balance its budget.
Edgar said the plan “will assure the 411,000 children are in classrooms, where they belong, without a state bailout.”
Earlier Sunday night, the Illinois General Assembly approved the compromise to keep the schools open.
Key provisions of the plan give school principals staffing authority and authorize $378 million in local borrowing backed by local property taxes over two years.
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