Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF Approves New $800K Loan from MSA-6
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Description
Magnolia Educational & Research Foundation approved a new intraorganization loan agreement with Magnolia Science Academy-6 for up to $800,000 at 4% interest, deferring payments until July 2027 and maturing June 30, 2032. The facility will support MERF’s organizational and operational needs.
Contract Details
Contract Amount
Not to exceed $800,000
Vendor
MAGNOLIA SCIENCE ACADEMY-6
Agency
Magnolia Science Academy 2 District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
July 1, 2026 – June 30, 2032; payments deferred until July 1, 2027
Renewal Date
2032-06-30
Renewal Info
New intraorganization loan agreement establishing a six-year term with a one-year deferral and five-year amortization; may be prepaid without penalty and remains subject to subordination provisions.
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