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

Feb. 21, 2012
Financial woes could have led state to take over struggling system

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.

Earlier... From The Los Angeles Times: The Inglewood (Calif.) Unified School District, beset by declining enrollment and state funding cuts, is a study in contrasts: It recently opened a $24 million campus, La Tijera School for grades K to 8, but its financial status is so dire that it may go broke by May.

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