The lowa Finance Authority has formulated a plan to issue about $6 million of tax-exempt revenue bonds to help pay installation costs for community colleges to tap into a statewide fiber optic telecommunications network.

Meanwhile, the U.S. Department of Education last week granted the state $8 million over the next two years to help pay for the network, according to Alex Sachs, a spokesman for U.S. Sen. Tom Harkin, D-Iowa, who wrote the law authorizing the grant.

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