Gary schools seeking another state loan to meet payroll

INDIANAPOLIS — The cash-strapped Gary Community School Corp. is set to receive another state loan so it can meet its May 26 employee payroll.

The Indiana Distressed Unit Appeals Board voted 4-0 Friday to recommend the district be allowed to borrow $1,595,000 from the Common School Fund.

The loan still must receive final approval Tuesday by the State Board of Finance comprised of the governor, state auditor and state treasurer.

Last month, the finance board suggested it would not approve any additional loans unless the school corporation was in the process of issuing reduction in force notices.

Read more: http://www.nwitimes.com/news/local/govt-and-politics/gary-schools-seeking-another-state-loan-to-meet-payroll/article_e41d64d9-17f1-5303-af36-68e5a25d29a8.html