Chicago school board approves $1 bln bonds for junk-rated district

The Chicago Board of Education gave final approval on Wednesday to the sale of up to $1 billion of new and refunding bonds for the junk-rated district. The third-largest public school system in the United States will sell up to $840 million of general obligation bonds through Barclays and JP Morgan Securities to fund capital improvements using a $45 million property tax hike approved by the Chicago City Council last year. Emily Bittner, a Chicago Public Schools (CPS) spokeswoman, said earlier th