The special session will deal with Senate Bill 1, an education finance bill that contains an annual $215 million pension bailout for Chicago Public Schools.

Slush fund hits record amounts as Chicago looks to the state for a bailout.

Cash-strapped and debt-ridden Chicago Public Schools plans to increase per-pupil funding by roughly $200 a student over last year’s budget.

A bill that has passed the Illinois House and Senate would provide CPS with a $215 million pension bailout and other funding carve-outs.

Chicago Mayor Rahm Emanuel expressed little concern over Moody’s Investors Service’s announcement that it might downgrade Chicago’s already-junk-rated bonds over CPS budget problems.

High parking fees in the city only add to the heavy burden of taxes and fees Chicagoans face.

Chicago Public Schools has issued an additional $500 million in long-term high-interest bonds, following $387 million the district borrowed from JPMorgan in June.

Chicago Public Schools failed to pay in full the $733 million pension payment that was due June 30, instead making a partial payment of $464 million, even after taking out a $387 million loan from JPMorgan.

Though the Illinois House of Representatives appears close to overriding Gov. Bruce Rauner’s veto of a tax hike budget plan, and thereby ending Illinois’ more than two years without a full-year budget, Moody’s Investors Service has said it might still downgrade the state’s credit, largely due to Illinois’ unsustainable debt.

In a statement to the General Assembly July 4, Rauner listed the reasons why he vetoed the budget.