Magnolia Public Schools AgendaPacket Approval of Resolutions for Restructuring and New Intra-Organization Loans 2026-05-21
New $800K MERF Loan to MSA-OC Approved
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Description
MERF authorized a new intraorganization loan agreement lending up to $800,000 to Magnolia Science Academy–Orange County at 4% interest, capitalizing deferred interest into an $832,000 balance and scheduling quarterly payments through June 30, 2032. The loan supports school-level operational and organizational needs.
Contract Details
Contract Amount
Not to exceed $800,000; capitalized balance at repayment start $832,000; quarterly payment $46,105.54
Vendor
MAGNOLIA SCIENCE ACADEMY–ORANGE COUNTY
Agency
Magnolia Science Academy 2 District, CA
Contract Type
FINANCIAL_SERVICES
Document Date
May 21, 2026
Contract Term
July 1, 2026 – June 30, 2032; five-year amortization starting July 1, 2027
Renewal Date
2032-06-30
Renewal Info
New intraorganization loan facility with interest-only deferral through June 30, 2027 and five-year quarterly amortization; prepayment allowed without penalty and subject to standard subordination provisions.
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