Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
Second MSA-8 Loan to MERF Restructured
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Description
MERF amended a $1.31 million intraorganization loan agreement with Magnolia Science Academy-Bell, setting 4% interest, deferring payments until July 2027, and extending maturity to June 30, 2032. The adjustment realigns the repayment schedule with MERF’s projected cash flow.
Contract Details
Contract Amount
$1,308,806.85
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 agreement dated January 24, 2026; maintains subordination provisions and original terms except for the revised deferral, interest, and amortization schedule through June 30, 2032.
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