Vitale hopes lawmakers OK Chicago schools pension extension - WREX.com – Rockford’s News Leader

Vitale hopes lawmakers OK Chicago schools pension extension

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CHICAGO (AP) - Chicago Board of Education President David Vitale says he believes legislators will approve a deadline extension for a $634 million pension payment the district owes.

Vitale told The Chicago Tribune ahead of a Wednesday meeting that the consequence of not getting an extension on the June 30 deadline could be drastic, including layoffs.

On Tuesday the Illinois House rejected a measure delaying the payment until Aug. 10 when more funds become available. But lawmakers are likely to take another vote next week.

Vitale says he expects the Legislature to act and he hopes the district can then come up with a longer term solution.

The board is poised to consider a measure proposing borrowing up to $1.1 billion through new lines of credit to help cover a budget hole.
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