CHICAGO (CBS) — Chicago Public Schools CEO Forrest Claypool said he’s not discouraged by Illinois House Speaker Michael Madigan’s opposition to a nearly $500 million bailout of the financially-strapped school district.

Madigan has told reporters he doesn’t support proposed legislation – approved by the Illinois Senate – which would provide about $200 million in state funding for CPS pension costs, reduce the district’s required pension contribution for the next two years, give CPS more time to reach its 90 percent pension funding target, and freeze property taxes statewide for two years.

The speaker said that measure sets up a system in which the financial support for CPS would expire in a year, and in the future it would be up to Republican Gov. Bruce Rauner, and lawmakers from the suburbs and downstate to decide if the help continues.

However, Claypool said he believes there can be a meeting of the minds on a CPS pension bailout.

“The bill that [Senate President John] Cullerton moved, and actually passed 37-1 in the Senate, was an attempt, I think, to get the conversation going to get a compromise going to get something moving. It does not have to be that bill,” he said. “What we need to do is find what elements all three of the leaders in Springfield – the two Democratic leaders and the governor – can actually agree on before the end of the year that will help us move through this crisis.”

Claypool is the guest on this weekend’s edition of “At Issue,” airing Sunday at 9:30 p.m. on WBBM Newsradio 780 & 105.9FM.