CHICAGO (AP) — Chicago Public Schools has turned to JPMorgan Chase for a $275 million loan to keep operating through June and make a contribution to teacher pensions.

JP Morgan purchased “grant anticipation notes,” a short-term loan meant to be repaid with state education aid.

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Chicago schools have plans to borrow close to $400 million. In addition to the JPMorgan loan, the school district officials say they plan to pursue another $112 million loan.

The district said the $275 million “creates sufficient cash” for CPS to meet its obligations to the Chicago Teachers’ Pension Fund.

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CPS finance chief Ron DeNard says Illinois school districts have suffered under the failure of the administration of Gov. Bruce Rauner’s to provide education funding in a timely manner.

A Rauner spokesman placed the blame for Chicago school’s need to borrow on mismanagement.

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