(CBS) — Past and present Chicago Public School officials agree talk of possible bankruptcy is way off-base, and the state needs to take a more concrete role in easing the system’s pension crisis, reports WBBM Political Editor Craig Dellimore.

At a City Club of Chicago forum, Chicago School Board member and former CPS CEO Jesse Ruiz was among panelists who quickly dismissed the idea of CPS declaring bankruptcy, though he found the discussion educational.

“I appreciated the primer on Chapter 9 bankruptcies,” Ruiz said. “I have dealt with some Chapter 11s in my career but not 9s and as long as I am on the School Board, I never will.”

He says the School Board has a plan to resolve its budget problems, but past CPS CEO Paul Vallas wants to see reestablishment of the School Finance Authority to oversee and approve the budget.

“Somebody needs to hold the district accountable and not just the political accountability that comes at the end of the day five years down the road when you are broke and you are in crisis,” Vallas said. “Accountability needs to be constant.”

He also thinks part of the School Board should be elected for the sake of transparency.