CHICAGO — After scaling back on capital projects with a $1 billion deficit looming, Chicago Public Schools will reverse course and bolster spending by $364 million this year in part to finance investments in schools slated to take students from more than 50 set to close.

The Chicago Board of Education will finance capital projects in a new-money bond transaction. CPS officials said the final sizing and timing are still under discussion but about $329 million of projects may be funded with bonds. Another $100 million may be tacked on to the deal to finance projects in the next fiscal year's budget.

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