Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF revises $1.31M loan to Magnolia Science Academy -7
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Description
MERF updated the terms of a roughly $1.31 million intraorganization loan to Magnolia Science Academy -7, instituting a 4% interest rate and delaying repayment until mid-2027. The loan will amortize quarterly through June 30, 2032 to support the school’s financial stability.
Contract Details
Contract Amount
$1,308,806.85
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
January 1, 2026 – June 30, 2032 (5-year amortization beginning July 1, 2027)
Renewal Date
2032-06-30
Renewal Info
Amends the January 24, 2026 Intraorganization Loan Agreement with MSA-7 while leaving other terms intact, including subordination to certain third-party debt.
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