They never planned to repay it anyway

If they had started putting back 323,000 per year back when they knew they had 15 years to pay it, they would have had the money. Obviously since they never budgeted for it, they had no intention of paying the bill. This is not IBMs problem, this is how badly American school systems are managed here. It makes you wonder when private schools do better with about 1/10 of what the public schools spend doesn't it?