Mayor Michael Nutter has pledged the city will borrow $50 million to make sure all city schools will open on Sept. 9, according to a news release.
"I'm here to say I will not risk a catastrophe," Nutter said in the statement. "We will avoid this disaster."
Nutter said he will today talk to the city's finance director, treasurer and budget director to "take all necessary steps" to borrow $50 million on behalf of the school district.
He also said he will ask Superintendent of Schools William Hite to hire back "the thousand or so school district employees whose return will ensure that schools open on time and safely."
Hite tweeted: "Huge thanks to @MayorNutter for providing assurance of $50 million in order to begin the process of returning critical staff."
The mayor's announcement comes just one day before Hite's deadline for City Council to find $50 million or risk pushing back the first day of school.
Stay with Metro as more information becomes available.