Calif. district secures short-term loan to stay afloat

02/29/2012 | Los Angeles Times (tiered subscription model)

The Inglewood Unified School District in California has secured a $17.4 million loan from Royal Bank of Canada that is aimed at preventing the district from declaring bankruptcy. The district's financial challenges stem in part from significant cuts in state funding, as well as a decrease in enrollment this year of about 1,000 students. The short-term loan, at about 1% interest, will allow the district to avoid seeking help from the state that would trigger a temporary state takeover of the district, superintendent Gary McHenry said.

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