Chicago Board of Education holds off issuing $875M in bonds

CHICAGO (WLS) -- The Chicago Board of Education on Wednesday decided to hold off on issuing $875 million worth of municipal bonds, due at least in part, to the state's continuing budget impasse.

The low-rated offering could have refinanced CPS' debt and let the district put off interest payments.

A CPS spokesperson released a statement saying their decision is common practice and financial advisors are evaluating the timing of the sale of the bonds on a day-by-day basis.