1. There is established for the community colleges a community college job training fund in the department of economic development. The community college job training fund consists of moneys appropriated for the fiscal year beginning July 1, 1987, and for succeeding fiscal years for the purposes of this chapter plus the interest and principal from repayment of advances made to businesses for program costs, moneys transferred from the Iowa employment retraining fund to the community college job training fund on July 1, 1992, plus the repayments, including interest, of loans made from that retraining fund, and interest earned from moneys in the community college job training fund.
2. To provide funds for the present payment of the costs of a training program by the business, the community college may provide to the business an advance of the moneys to be used to pay for the program costs as provided in the agreement. To receive the funds for this advance from the job training fund established in subsection 1, the community college shall submit an application to the department of economic development. The amount of the advance shall not exceed fifty thousand dollars for any project. The advance, if the agreement provides it as a loan, shall be repaid with interest from the sources provided in the agreement. The rate of interest to be charged for advances made in a calendar month is equal to one-half of the average rate of interest on tax exempt certificates issued by community colleges pursuant to chapter 260E for the previous twelve months. The rate shall be computed by the department of economic development.
85 Acts, ch 235, §6 ~ICS85, § 280C.6 ~I88 Acts, ch 1131, § 1; 90 Acts, ch 1253, § 86; 90 Acts, ch 1255, § 16; 91 Acts, ch 2, §1, 2; 92 Acts, ch 1042, §7 ~IC93, § 260F.6 ~I93 Acts, ch 180, § 44
Referred to in § 260F.4, 260F.5
Iowa General Assembly
Search: Iowa Code 1995
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