Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MSA-8 to MERF $3.7M Loan Terms Amended
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Description
Magnolia Educational & Research Foundation amended an intraorganization loan agreement with Magnolia Science Academy-Bell for approximately $3.7 million at 4% interest, deferring payments until July 2027 and extending maturity to June 30, 2032. The change is intended to align repayment with projected state apportionments and organizational cash flow.
Contract Details
Contract Amount
Approximately $3,700,000
Vendor
MAGNOLIA SCIENCE ACADEMY-BELL(8)
Agency
Magnolia Science Academy 2 District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
January 1, 2026 – June 30, 2032; five-year amortization period beginning July 1, 2027
Renewal Date
2032-06-30
Renewal Info
Amends intraorganization loan originally approved January 16, 2025 and documented December 11, 2025; maintains subordination provisions and allows prepayment without penalty. Revised terms provide a five-year amortization with quarterly payments beginning July 2027 and maturity June 30, 2032.
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