State provides another loan to keep Gary schools operating

INDIANAPOLIS — The state of Indiana is providing the Gary Community School Corp. another interest-free loan to meet its April employee payroll and health insurance premiums, as well as cover student bus service for the month.

The State Board of Finance voted 3-0 Monday to approve a Common School Fund loan of $3,265,144 to the financially struggling school district.

It comes six weeks after the state provided a $3.75 million loan to Gary schools for its March payroll and critical vendor payments.

The heavily indebted school corporation in February requested a $14 million loan to carry it through the remainder of the school year.

Read more: http://www.nwitimes.com/news/local/govt-and-politics/state-provides-another-loan-to-keep-gary-schools-operating/article_ce7cfef6-46f5-5922-b763-1266d25c45da.html