CHICAGO - Chicago Board of Education officials yesterday called on the Illinois General Assembly to restructure the state's education funding system to guarantee the long-term financial stability of Chicago schools and other financially troubled systems in the state.

The proposal was announced in conjunction with the board's repeated calls for the legislature to pass a bailout plan that includes the issuance of $300 million of general obligation bonds over two years through its financial oversight agency. The plan would eliminate a $298 million deficit in the board's $2.8 billion budget for fiscal 1994, which began Sept. 1.

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