The loan under the state's Emergency Municipal Loan Act is the second one the district has received. The state loaned the district $7.6 million in August 2012.
A financial emergency in the city prompted the appointment of emergency financial manager Donald Weatherspoon, who ordered the school district to stop providing educational services at the end of the last school year. He also laid off most of the district's staff.
The district has up to 30 years to pay off the loan, which carries an initial 2.35 percent interest rate.
Subscribe
e-Paper Free Trial
Email Newsletters
Contact Us
Forms
Advertise
Like us on Facebook
Follow us on Twitter
2
Comments
How does this ever get paid if a charter school academy now "owns" the district? Doesn't the per pupil allowance go completely to a private company who was relieved of the district's debt?