Lawmakers in the Illinois House this week failed to pass legislation to create a 40 day delay before the Chicago Public School District’s $634 million pension payment is due. The bill was requested by Chicago Mayor Rahm Emanuel to give the city more time to figure out how to make the payment. The proposed delay would have meant the bill wasn’t due until August 10th, when the first state aid payment is due and after some city revenue would have come in.
Though the House Speaker has indicated he will recall the measure for consideration when the House reconvenes next Tuesday, on June 24 the Chicago Board of Education took action to ensure the district will be able to make its pension payment and meet payroll obligations. The Board voted unanimously in favor of $1.135 billion in borrowing to cover expenses through next year.