CHICAGO - The Republican-controlled Illinois Senate on Monday passed a $275 million bonding plan to help bail out the Chicago public school system, but the plan is unlikely to be called for a vote in the Democrat-controlled House.

Meanwhile, the school system could shut down for a third time since Sept. 1, the start of its fiscal year 1994, if the Chicago Board of Education's budget is not balanced by tomorrow. The beleaguered school system faces a $299 million deficit in its $2.8 billion fiscal 1994 budget.

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