Junk-rated Chicago school system seeks $1 billion bond sales

The junk-rated Chicago Public Schools will be selling up to $1 billion of new and refunding bonds pending approval of its governing board later this week. The nation's third-largest public school system wants to issue up to $840 million of general obligation bonds to fund capital improvements using a $45 million property tax hike approved by the Chicago City Council last year. The district also seeks to refund up to $160 million of older bonds, according to the agenda released on Monday for the