Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF restructures $3.7M loan to Magnolia Science Academy – OC
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Description
MERF approved amended terms for an approximately $3.7 million intraorganization loan to Magnolia Science Academy – Orange County, setting a 4% interest rate and deferring payments until mid-2027. The revised agreement extends through June 30, 2032 with quarterly repayments aligned to school revenues.
Contract Details
Contract Amount
Approximately $3,700,000
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
January 1, 2026 – June 30, 2032 (5-year amortization beginning July 1, 2027)
Renewal Date
2032-06-30
Renewal Info
Amends the December 11, 2025 Intraorganization Loan Agreement with MSA-OC; other original terms remain in force and the loan continues to be subordinated to third-party indebtedness where required.
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