Text: HF02558 Text: HF02560 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. NEW SECTION. 15A.8 LOANS PAYABLE FROM NEW 1 2 JOBS CREDIT FROM WITHHOLDING. 1 3 1. As an additional means to provide moneys for the 1 4 payment of the costs of a new jobs training project or 1 5 multiple projects under chapter 260E and this chapter, a 1 6 community college may make an advance or loan, including an 1 7 interfund transfer or a loan from moneys on hand and legally 1 8 available, to be paid from the same sources and secured in the 1 9 same manner as certificates described in sections 15A.7 and 1 10 260E.6. 1 11 2. Revenues from a job training agreement received prior 1 12 to the payment in full of certificates, loans, or advances, 1 13 and not pledged to such certificates, loans, or advances, and 1 14 not necessary for the payment of principal and interest 1 15 maturing on such certificates, loans, or advances, may be 1 16 applied by the community college to the reduction of any other 1 17 outstanding certificates, loans, or advances. 1 18 Sec. 2. Section 422.16A, Code Supplement 1997, is amended 1 19 to read as follows: 1 20 422.16A JOB TRAINING WITHHOLDING – CERTIFICATION AND 1 21 TRANSFER. 1 22 Upon the completion by a business of its repayment 1 23 obligation for a training project funded under chapter 260E, 1 24 including a job training project funded underchapter 260E and1 25 section 15A.8 or repaid in whole or in part by the 1 26 supplemental new jobs credit from withholding under section 1 27 15A.7 or section 15.331, the sponsoring community college 1 28 shall report to the department of economic development the 1 29 amount of withholding paid by the business to the community 1 30 college during the final twelve months of withholding 1 31 payments. The department of economic development shall notify 1 32 the department of revenue and finance of that amount. The 1 33 department shall credit to the workforce development fund 1 34 account established in section 15.342A twenty-five percent of 1 35 that amount each quarter for a period of ten years. If the 2 1 amount of withholding from the business or employer is 2 2 insufficient, the department shall prorate the quarterly 2 3 amount credited to the workforce development fund account. 2 4 The maximum amount from all employers which shall be 2 5 transferred to the workforce development fund account in any 2 6 year is ten million dollars. 2 7 EXPLANATION 2 8 This bill relates to the funding of new jobs training 2 9 projects. The bill provides that a community college may make 2 10 an advance or loan, including an interfund transfer or a loan 2 11 from moneys on hand and legally available, to be paid from the 2 12 same sources and secured in the same manner as certificates 2 13 described in Code sections 15A.7 and 260E.6. Provided certain 2 14 criteria are met, the bill allows revenues from a job training 2 15 agreement received prior to the payment in full of 2 16 certificates, loans, or advances to be applied by the 2 17 community college to the reduction of any other outstanding 2 18 certificates, loans, or advances. 2 19 The bill makes conforming amendments to Code section 2 20 422.16A. 2 21 LSB 4098HV 77 2 22 tm/jl/8
Text: HF02558 Text: HF02560 Text: HF02500 - HF02599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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