BS717 - Iowa’s New Jobs Training Program

Policy

Section: Business Services

The College shall participate in the Iowa New Jobs Training Program. The Program allows the College to issue debt for a multiple company project with the proceeds being used to fund training programs for those companies in the project. The debt will be retired through the subsequent collection of withholding from the companies in the multiple project. In the event that the multiple project does not have sufficient withholding to retire the debt, the law provides for the use of a stand-by tax levy against all taxable property in the College’s district. The College will review the financial condition of each company in the projects to minimize the risk of the stand-by tax levy being used.

Legal Reference:
Iowa Code 260E

Cross Reference:
Procedure BS5770 - Financial Due Diligence - 260E Projects

Adopted: December 12, 1994
Reviewed: 2005, 2010, 2020

Revised:
June 12, 1995

January 10, 2000

December 2019

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