CHICAGO - Facing a $475 million budget deficit, Chicago Public Schools hope to trim interest rate costs by using the federal government's taxable Build America Bonds program for its $300 million sale next month and tapping in the coming months its $254 million qualified school construction bond authorization.

The new-money sale by the Chicago Board of Education is scheduled to price in mid-September. CPS treasurer David Bryant said the district has selected Banc of America-Merrill Lynch as senior manager. Northern Trust Securities Inc. and Siebert Brandford Shank & Co. are co-senior managers. A.C. Advisory Inc. is financial adviser.

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