Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF issues up to $800K new loan to Magnolia Science Academy -OC
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Description
MERF authorized a new intraorganization loan of up to $800,000 to Magnolia Science Academy -OC at 4% interest, with repayment starting in July 2027 and running through June 2032. The financing is intended to support school-level operational and organizational needs.
Contract Details
Contract Amount
Not to exceed $800,000
Vendor
MAGNOLIA EDUCATIONAL & RESEARCH FOUNDATION DBA MAGNOLIA PUBLIC SCHOOLS
Agency
Magnolia Science Academy 2 District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
Interest accrues July 1, 2026; no payments through June 30, 2027; quarterly payments beginning July 1, 2027; maturity June 30, 2032
Renewal Date
2032-06-30
Renewal Info
New loan agreement with no prior amendments; includes subordination to certain third-party debt and prepayment rights as described in the agreement.
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