260F.8 - ALLOCATION.
260F.8 ALLOCATION.
1. For each fiscal year, the department shall make funds
available to the community colleges. The department 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
department. The financial assistance shall be provided by the
department 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 department to provide financial assistance
to businesses applying to other community colleges. The department
shall adopt by rule a formula for this set- aside.
2. Moneys available to the community colleges for this program
may be used to provide forgivable loans to train employees. Section History: Recent Form
92 Acts, ch 1042, §9; 93 Acts, ch 180, § 45; 96 Acts, ch 1180,
§15; 97 Acts, ch 23, §30
Referred to in § 260C.18A