CHICAGO -- Gov. Jim Edgar of Illinois signed into law late Sunday a two-year $427 million general obligation bonding plan to help bail out the Chicago public school system, which faces a $298 million deficit in its fiscal 1994 budget.

The bonds, which will be issued by the Chicago School Finance Authority, the Chicago Board of Education's financial oversight panel, will provide $378 million for the board's operations over the next two years, according to state officials.

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