Takeaways by Bloomberg AI
- The Chicago Board of Education tapped $200 million from its short-term revolving credit agreement with PNC Bank.
- The draw from the credit line is secured by proceeds from tax-anticipation notes that the district sells each year to maintain revenue while it waits for property tax payments.
- The district is facing fiscal pressures, including underfunded pensions and rising labor costs, as federal pandemic aid comes to an end.
The Chicago Board of Education tapped $200 million from its short-term revolving credit agreement with PNC Bank.
The amount is part of a $450 million deal with the bank dated Oct. 9, according to a bond filing on Friday. The draw from the credit line is secured by proceeds from tax-anticipation notes that the district sells each year to maintain revenue while it waits for property tax payments, its largest source of revenue.
Bloomberg Markets
By Shruti Singh
October 10, 2025