260F.6 JOB TRAINING FUND.
1. There is established for the community colleges a job training
fund in the department of economic development 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.
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
twenty-five thousand dollars for any business site, or fifty 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 fifty 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 department.
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.
260F.6 JOB TRAINING FUND.
1. There is established for the community colleges a job training
fund in the department of economic development 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.
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
twenty-five thousand dollars for any business site, or fifty 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 fifty 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 department.
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.
260F.6 JOB TRAINING FUND.
1. There is established for the community colleges a job training
fund in the department of economic development 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.
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
twenty-five thousand dollars for any business site, or fifty 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 fifty 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 department.
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.
