1. For the fiscal year beginning July 1, 1992, and subsequent years, the department of economic development shall make funds available to the community colleges. The department shall allocate by formula at the beginning of the fiscal year from the moneys in the fund an amount for each merged area to be used to provide the financial assistance for proposals of businesses located in the merged area whose applications have been approved by the department. The financial assistance shall be provided by the department from the amount set aside for that merged area. If any portion of the moneys set aside for a merged area have not been used or committed by March 1 of the fiscal year, that portion is available for use by the department to provide financial assistance to businesses located in other merged areas. The department shall adopt by rule a formula for this set-aside based on population and per capita income of the merged area.
2. Moneys available to the community colleges for this program may be used to provide grants to train for new jobs or retain existing jobs when the project costs are less than five thousand dollars. If the project is for a consortium of businesses, project costs shall not exceed an average of five thousand dollars per business.
92 Acts, ch 1042, §9; 93 Acts, ch 180, § 45
Iowa General Assembly
Search: Iowa Code 1995
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