chicago illinois governor bruce rauner say monday state power block debt offer financially distress school district include cash-strapped chicago public school cps dependent borrow fund operations republican governor last week launch financial probe nation third-largest public school system illinois state board education rauner call state takeover school district say board legal authority block borrow district find financial duress state board never choose city chicago hope never become necessary get ready take action rauner tell reporters rauner office point provision school code say apply cps provision prohibit sale bond note debt district certify financial difficulty financial plan approve state board education cps chief executive forrest claypool contend authority rauner seek exercise apply cps accord school district spokeswoman cps struggle 1.1 billion structural budget deficit cause largely escalate annual pension payments reach 676 million fiscal year district efforts gain additional 480 million state dollars pay pension bill become entangle ongoing impasse rauner democrats control legislature keep operate anticipation billion property tax revenue next month cps turn short-term borrow 725 million bond sale early month cash flow district say plan seek additional short-term borrow authority govern board future rauner say accusations chicago officials attempt derail feb. bond sale push state takeover possible bankruptcy cps completely false skittish investors demand hefty yield junk -rated bond cost district nearly 1.9 billion pay 2044. illinois governor eye block chicago school debt