News in Brief
Troubled Phila. District Borrows for Expenses
Philadelphia's financially struggling public school system is borrowing $300 million to pay for expenses through the end of the school year.
The Philadelphia School Reform Commission said last week the bond sale was a necessary but expensive way for the district to meet its financial obligations as it works on a plan to close about 40 schools and cut labor costs in its $2.5 billion budget.
The Philadelphia Inquirer reports school officials found investors receptive to the borrowing, in part because of a new five-year plan and a state program guaranteeing creditors would be paid through state aid funds if the district doesn't meet its obligations.
Vol. 32, Issue 12, Page 5
Get 10 free stories, e-newsletters, and more!
- T3 Teacher Leader
- Teach Plus, Multiple Locations
- Plainfield Director of Special Services
- New England School Development Council, Meriden, NH
- Principal Highland Park High School
- Township High School District #113, IL
- Supervisor, Secondary Literacy Instruction
- Montgomery County Public Schools, MD
- Durham Public Schools, Durham, NC