Orange County Board of Education Regular Meeting Agenda February 2026
Explore Academy Approves $750,000 Bond Financing with HJ Sims
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Description
Explore Academy secured $750,000 in revenue bond financing from HJ Sims in May 2024, with funds used for debt repayment and school operations. The loan carries significant debt service requirements.
Contract Details
Contract Amount
$750,000 in revenue bonds (issued May 21, 2024)
Vendor
HJ SIMS
Agency
Orange County Department of Education, CA
Contract Type
FINANCIAL_SERVICES
Document Date
February 2, 2026
Contract Term
Proceeds received June 14, 2024; first principal payment due May 25, 2026
Renewal Date
2026-05-25
Renewal Info
Interest rate increases from 10% to 12% in the event of default per promissory note. Loan amortization with first principal payment due May 25, 2026.
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