School District Seeks $100-Million Bailout
From Times Wire Reports
The school board has approved a motion to ask the state for a $100-million loan to keep the district out of bankruptcy.
The loan would be in the form of a line of credit, which means the district could borrow up to that amount, but would not necessarily draw it all down.
The board also agreed Thursday to ask for a trustee to take over the finances of the district, but allow the superintendent and board to retain control of educational issues.
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