Chicago Public Schools struggle under $6 billion of debt

Chicago Public Schools struggle under $6 billion of debt - EAGnews.org:
"CHICAGO – Chicago Public Schools wants to borrow up to $700 million to cover recent projects and restructure current loans, the latest proposal in a district in perpetual financial crisis.
A proposed resolution for today’s board meeting would include $300 million in bonds to pay for air conditioners and playground upgrades funded using short-term loans, and would devote another $400 million to refinancing existing loans to save money, CPS spokesman Bill McCaffrey told the Chicago Tribune.
“…CPS has increasingly used refinancing to delay principal payments as they come due, buying short-term relief at a higher long-term cost.
A 2012 refinancing delayed until at least 2033 $60 million worth of principal payments due in 2013 and 2014, driving up interest costs,” the Tribune reports.

“Used often at City Hall for many years, this strategy is dubbed scoop and toss, because the new loan ‘scoops’ up the debt and ‘tosses’ it into the future...."