ELGIN, Ill. (WBBM) — The state’s second largest school district has avoided digging deeper in debt to pay its bills, for now.
As WBBM Newsradio 780’s Nancy Harty reports, the Elgin District U-46 school board had approved $30 million in short-term borrowing to cover a debt payment due Saturday.
LISTEN: Newsradio 780’s Nancy Harty Reports
But the Daily Herald reported that won’t be necessary, since the State of Illinois and Cook County came through with money they owe the district earlier this month.
The newspaper says with this financial hurdle behind it, the board plans to issue a proposal for restructuring the debt the district owes early next year, which could mean more, but smaller, payments.