203D.3 Grain depositors and sellers indemnity fund.
1. The grain depositors and sellers indemnity fund is created in the state treasury as a separate account. The general fund of the state is not liable for claims presented against the fund under section 203D.6.
2. The fund consists of all of the following:
a. Participation fees paid to the department by licensed grain dealers and persons applying to be issued a grain dealer’s license as provided in section 203D.3A.
b. Participation fees paid to the department by licensed warehouse operators and persons applying to be issued a warehouse operator’s license as provided in section 203D.3A.
c. Per-bushel fees paid to the department by licensed grain dealers as provided in section 203D.3A.
d. Delinquency penalties.
e. Amounts collected by the state pursuant to legal action on behalf of the fund.
f. Interest, earnings on investments, property, or securities acquired through the use of moneys in the fund.
3. The fiscal year of the fund begins July 1 and ends on June 30. Fiscal quarters of the fund begin July 1, October 1, January 1, and April 1. The finances of the fund shall be calculated on an accrual basis in accordance with generally accepted accounting principles.
4. The moneys collected under this section and deposited in the fund shall be used exclusively to indemnify depositors and sellers as provided in section 203D.6 and to pay the administrative costs of this chapter.
5. All disbursements from the fund shall be paid by the treasurer of state pursuant to vouchers authorized by the department.
6. The administrative costs of this chapter shall be paid from the fund after approval of the costs by the board.
86 Acts, ch 1152, §33
C87, §543A.3
87 Acts, ch 147, §12 – 15; 88 Acts, ch 1148, §3; 89 Acts, ch 143, §903 – 905
C93, §203D.3
2008 Acts, ch 1083, §15; 2009 Acts, ch 133, §79; 2010 Acts, ch 1082, §6, 7
Referred to in §203.2A, 203D.1, 203D.3A, 203D.5
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