CHICAGO - Chicago Public Schools will tap $100 million from its reserves and shift the timing of its new-money bond sale to stave off the need for a property tax increase to close a deficit in its $5.14 billion operating budget for fiscal 2009.

The district, which issues its debt under the Chicago Board of Education name, announced last week its decision to forgo a property tax increase for the first time in recent memory. The district has consistently sought property tax increases, many times the maximum amount possible under tax caps, to cope with growing costs and limited increases in state funding.

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