Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF Amends Loan Terms for MSA-7
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Description
MERF restructured its intraorganization loan to Magnolia Science Academy-7, maintaining a $1.31 million principal at 4% interest, capitalizing accrued interest to a $1.43 million balance, and scheduling quarterly payments through June 30, 2032. The amendment defers repayment until late 2027 to support school cash flow.
Contract Details
Contract Amount
$1,308,806.85 (loan amount), capitalized balance at repayment start $1,433,448.29; quarterly payment $79,434.99
Vendor
MAGNOLIA SCIENCE ACADEMY-7
Agency
Magnolia Science Academy 2 District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
January 1, 2026 – June 30, 2032; five-year amortization with quarterly payments beginning October 15, 2027
Renewal Date
2032-06-30
Renewal Info
Amends the January 24, 2026 intraorganization loan agreement, preserving subordination and other original terms while revising the repayment deferral period and establishing a five-year amortization with quarterly payments through June 30, 2032.
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Magnolia Educational & Research Foundation Board Resolutions May 2026
AMENDEDMagnolia Public Schools Intraorganization Loan Agreements May 2026
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