Loan will enable Inglewood (Calif.) district to avoid bankruptcy

From The Los Angeles Times: The Inglewood (Calif.) Unified School District has received a $17.4-million short-term loan that will enable it to avert a looming bankruptcy. Supt. Gary McHenry says the cash infusion will eliminate any need for a state emergency loan, which would have triggered the California Department of Education to fire the superintendent and take over district management. The district. had feared it would run out of cash by May. The loan will help Inglewood pay its bills until the state provides $17.4 million in deferred funds as expected this summer.