CHICAGO — With new budgets to fund and the start of the school year around the corner, the season of short-term borrowing is in full swing for Minnesota school districts grappling with heightened liquidity challenges following the state’s adoption of a budget that further delays some aid payments.

The state last month ended a three-week shutdown with Gov. Mark Dayton and lawmakers agreeing to erase the remaining $1.4 billion of a $5 billion deficit in a two-year $35 billion budget by leveraging the state’s settlement with tobacco companies and delaying school payments.

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