Chicago Public Schools wants to borrow up to $500 million for the new fiscal year, in addition to nearly $400 million in short-term loans to finish out this year and make a pension payment.
The Board of Education meets Wednesday to consider the plans.
A spokeswoman for the nation's third-largest district says the half-billion dollars of bond debt would be used in the upcoming budget year starting July 1.
Mayor Rahm Emanuel announced plans for the short-term loans last week. He blames lawmakers for putting CPS at a financial disadvantage.