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Iowa Valley debt load lower than most community colleges

January 24, 2018
By John Speer - Editor (jspeer@tamatoledonews.com) , Toledo Chronicle, Tama News-Herald

The Iowa Valley Community College District which includes the South Tama, GMG and Gladbrook-Reinbeck school districts in Tama County ranks 4th lowest in debt load among Iowa's 15 community college districts.

In the recently-released report of State Treasurer Michael Fitzgerald's office Iowa Valley is listened as having a total debt of $14.1 million at the end of 2017.

Iowa Valley Community College's per capita debt totals $4,906 the report says.

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Source: State Treasurer's Office

A breakdown shows General obligation bonds totaling $$.47 million for new jobs training projects, $2.4 million for school buildings and revenue bonds for college dormitories totaling $4.6 million.

Among the community college districts Kirkwood at Cedar Rapids is reported as highest at $159.5 million and Indian Hills at Ottumwa is lowest at $3.4 million.

Kirkwood Community College's per capita debt is listed at $10,817 and ranked 12th out of 15 reporting.

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Asked about additional insight into the debt for job training, Kathleen Pink, vice chancellor of District Finance / Chief Financial Officer for Iowa Valley told The Chronicle:

"This debt is incurred to fund the development and training costs for Iowa Valley's Iowa Industrial New Jobs Training Program (NJTP) pursuant to Chapter 260E of the cost of Iowa.

"NJTP's purpose is to provide tax-aided training for employees of industries that are new or are expanding their operations within the State of Iowa.

"Iowa Valley currently has 18 open NJTP projects with various companies in the area. Principal and interest due on this debt will be paid from job credits from the company's withholding taxes.

"In the event of default by a company, the remaining amounts due can be paid with budgeted reserves or by standby property tax. "IVCCD does not have any current projects that are in default."

 
 

 

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