CHICAGO — The Chicago Board of Education this week will refund $110 million of general obligation bonds for budget relief that will help fund a new teachers' contract that ended the district's first strike in more than two decades.

The bonds will pay off maturities coming due on outstanding bonds with half of the relief taken in the current fiscal year and the remainder in the next. The district's increased fiscal 2013 budget costs stem from salary increases in the new four-year contract, including a 3%, $59 million cost of living increase and $33 million for increases based on experience.

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