Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
MERF restructures $1.31M loan from MSA-8
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Description
MERF approved revised terms on a $1.31 million intraorganization loan from MSA-8, deferring payments until mid-2027 and extending maturity to 2032 at 4% interest. The amendment aligns repayment with projected organizational cash flow.
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; all other provisions of the original agreement remain effective, including subordination to third-party indebtedness.
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