San Francisco school officials say millions of dollars from the city's rainy day fund should save the jobs of about 300 teachers.
After the school district sent layoff notices to 362 teachers Monday, Mayor Gavin Newsom says the district will get 25 percent -- or about $23 million -- from the $92 million in the fund.
Though the Board of Supervisors has to approve the allocation, a school official says the money should be enough so most of the pink slips can be rescinded.
The rainy day fund was created after voters approved a proposition in 2003 creating a special fund to be set aside for tough economic times. Money from the fund also kept teachers on the job last year.