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State board approves $10 million emergency loan to help Pontiac Schools pay employees, vendors


PONTIAC, Michigan — A second $10 million emergency loan has been approved for Pontiac's public schools.

The Detroit News reports (http://bit.ly/1Lu9M7f ) from a Treasury department memo that about $2.4 million of the loan approved Wednesday will allow the 4,300-student district to pay employees. The rest will be used to pay "critical vendors."

The Local Emergency Financial Assistance Loan Board also approved a $10 million loan in May 2014 for the district. The $20 million is the most the district can borrow in emergency loans.

Pontiac Schools are under state oversight. District Superintendent Kelley Williams says Pontiac Schools' operating deficit is down to about $36 million. It was more than $50 million in 2013.

Benton Harbor Area Schools also was approved Wednesday for a $1.4 million loan.

Information from: The Detroit News, http://detnews.com/

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