IVCCD Board approves job training funds
Thursday / November 5, 2015
The Iowa Valley Community College District (IVCCD) Board of Directors’ met in special session this week to approve the issuance of not to exceed $1 million in Industrial New Jobs Training Certificates. With assistance from Speer Financial, the Board approved the sale and delivery of $815,000 through Banker’s Bank of Madison, WI.
Larry Burger of Speer Financial explained that there were three bidders for the Industrial New Jobs Training Certificates, and that Banker’s Bank had the lowest interest rate at 2.5976 percent; the other bidders were from Minneapolis and Kansas City.
The money from the certificates will be used to fund Industrial New Jobs Training Agreement projects with Jeld-Wen of Grinnell and Midwest Manufacturing of Marshalltown (a division of Menards), both being administered by IVCCD between now and 2025, when the certificates will be paid off. There is a provision in the agreement with Banker’s Bank that allows Speer Financial and IVCCD to refinance in 2021, in case interest rates are better/lower at that time.
In addition to selling and delivering the certificates, Speer Financial will file required audit and continuing disclosure certificates with local and federal agencies on behalf of IVCCD, as required by law.
The next meeting of the IVCCD Board of Directors will be Wednesday, Nov. 11, at 4 pm at Ellsworth Community College (Reg Johnson Hall, room 100) in Iowa Falls.