CHICAGO -- Mayor Richard M. Daley of Chicago yesterday unveiled a two-year plan to bail out the financially strapped Chicago Board of Education with proceeds from $300 million of general obligation bonds.

The bonds would be issued by the Chicago School Finance Authority, the board's financial oversight panel, in two installments in fiscal 1994 and fiscal 1995, according to Diane Agoitti, a special assistant to the mayor. About $120 million would be dedicated to the fiscal 1994 budget and the remainder to the 1995 budget.

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