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CPS seeks authorization to expand short-term borrowing to $1.65 billion as Cook County delays tax bills
Summary
Acting CFO Wally Stock asked the board to amend prior authorization and increase educational tax anticipation notes to $1.65 billion to cover cash-flow shortfalls from delayed Cook County property tax bills; board members pressed him on projected interest costs and county timing.
Wally Stock, acting chief financial officer and district treasurer, told the agenda review committee on Jan. 14 that Cook County’s delayed property tax bills have created cash-flow pressure for Chicago Public Schools and asked the board to amend a prior resolution to increase the authorized amount of educational-purpose…
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