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CPS seeks to increase short‑term borrowing to $1.65 billion as Cook County tax delays continue
Summary
District treasurer told the board CPS is seeking authorization to increase tax anticipation notes to $1.65 billion to cover cash‑flow gaps caused by delayed Cook County property tax distributions; staff estimated interest costs and outlined repayment timing tied to tax receipts.
Wally Stock, the district treasurer and acting CFO, told the board on Jan. 14 that continued delays in Cook County property tax distributions are forcing Chicago Public Schools to request an increase in authorized tax anticipation notes (TANs). The board previously authorized $1.25 billion; staff recommended adding $400 million to raise the cap to $1.65…
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