1. For each fiscal year, the authority shall make funds available to the community colleges. The authority shall allocate by formula from the moneys in the fund an amount for each community college to be used to provide the financial assistance for proposals of businesses whose applications have been approved by the authority. The financial assistance shall be provided by the authority from the amount set aside for that community college. If any portion of the moneys set aside for a community college have not been used or committed by May 1 of the fiscal year, that portion is available for use by the authority to provide financial assistance to businesses applying to other community colleges. The authority shall adopt by rule a formula for this set-aside.

Terms Used In Iowa Code 260F.8

  • Authority: means the economic development authority created in section 15. See Iowa Code 260F.2
  • Community college: means a community college established under chapter 260C. See Iowa Code 260F.2
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • program: means the project or projects established by a community college for the training of employees. See Iowa Code 260F.2
  • Rule: includes "regulation". See Iowa Code 4.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. Moneys available to the community colleges for this program may be used to provide forgivable loans to train employees.
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