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