Iowa Code 260F.6 – Job training fund
Current as of: 2023 | Check for updates
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1. There is established for the community colleges a job training fund in the economic development authority in the workforce development fund. The job training fund consists of moneys appropriated for the purposes of this chapter plus the interest and principal from repayment of advances made to businesses for program costs, plus the repayments, including interest, of loans made from that retraining fund, and interest earned from moneys in the job training fund.
Terms Used In Iowa Code 260F.6
- Authority: means the economic development authority created in section 15. See Iowa Code 260F.2
- business: means a business training employees which is engaged in interstate or intrastate commerce for the purpose of manufacturing, processing, or assembling products, conducting research and development, or providing services in interstate commerce, but excludes retail, health, or professional services and which meets the other criteria established by the authority. See Iowa Code 260F.2
- Community college: means a community college established under chapter 260C. See Iowa Code 260F.2
- program: means the project or projects established by a community college for the training of employees. See Iowa Code 260F.2
- Program costs: means all necessary and incidental costs of providing program services. See Iowa Code 260F.2
- Project: means a training arrangement which is the subject of an agreement entered into between the community college and a business to provide program services. See Iowa Code 260F.2
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 authority. The amount of the advance shall not exceed fifty thousand dollars for any business site, or one hundred thousand dollars within a three-fiscal-year period for any business site. If the project involves a consortium of businesses, the maximum award per project shall not exceed one hundred thousand dollars. Participation in a consortium does not affect a business site’s eligibility for individual project assistance. Prior to approval a business shall agree to match program amounts in accordance with criteria established by the authority.
3. Notwithstanding the requirements of this section, moneys in the job training fund may be used by a community college to conduct entrepreneur development and support activities.