Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
Magnolia Science Academy -OC secures up to $800K MERF loan
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Description
Magnolia Science Academy -OC executed a new intraorganization loan agreement with MERF for up to $800,000, featuring a 4% interest rate and repayment starting in July 2027. The loan will amortize quarterly through June 2032 to bolster school operations and cash flow.
Contract Details
Contract Amount
Not to exceed $800,000
Vendor
MAGNOLIA SCIENCE ACADEMY -OC
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 new intraorganization loan; includes subordination clause to existing third-party indebtedness and allows prepayment without penalty.
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