A budget impasse means no money owed

Chicago Public Schools has enough cash to complete the school year but the system is still short hundreds of millions of dollars needed to make a pension payment due at the end of June, Mayor Rahm Emanuel's top finance official said Tuesday.CPS and city officials say that's because the state still owes CPS about $467 million in aid that has been held up by Illinois' budget impasse.

Sorry Rahm. The legislature is sovereign. That means the Illinois legislature owes CPS nada until the budget is passed and signed.