Upon payment in full of a certificate of participation or other obligation issued to fund a job training program under chapter 260E, the community college providing the job training program shall notify the department of economic development of the amount paid by the employer or business to the community college to retire the certificate during the previous twelve months. The department of economic development shall notify the department of revenue and finance of that amount. The department shall credit to the workforce development fund established in section 15.343 twenty-five percent of that amount each quarter for a period of ten years. If the amount of withholding from the business or employer is insufficient, the department shall prorate the quarterly amount credited to the workforce development fund. The maximum amount from all employers which shall be transferred to the workforce development fund in any year is two million dollars.
95 Acts, ch 184, §9
Referred to in § 15.343, 422.16, 422.38
Section is repealed effective June 30, 1997; 95 Acts, ch 184, §12
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