The Chicago Public Schools would rely mainly on one-time measures to cover the $103 million, first-year cost of a new teachers' contract, under a plan the school system released on Friday, Reuters reports. The plan calls for saving $42 million through a restructuring of about $100 million of outstanding debt later this year or early next year and tapping $13 million in the current budget set aside for interest payments for bonds the district sold in August, according to a spokeswoman for the district. The school system would also raise $15 million through property sales.
"At times of financial challenges, it...
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