Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF borrows up to $800K from MSA-6 under new loan
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Description
MERF executed a new intraorganization loan agreement with Magnolia Science Academy -6 for up to $800,000 at 4% interest, with payments beginning in July 2027 and maturing in 2032. The loan enhances operational flexibility and cash flow for the charter network.
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
Initial term of a new loan agreement; includes subordination clause and prepayment without penalty as part of the intraorganization loan structure.
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