(1) After July 1, 2006, there is imposed and levied an assessment at the rate of One Cent (1¢) per bushel on all corn grown within the State of Mississippi, and the assessment shall be deducted by the purchaser from the amount paid the producer at the first point of sale, whether within or without the state. If a producer pledges corn grown by that producer as collateral for a loan issued by the Commodity Credit Corporation and if that producer forfeits the corn in lieu of loan repayment, the Commodity Credit Corporation shall, at the time of the loan settlement, collect the assessment from the producer.

(2) The assessment imposed and levied by this section shall be payable to and collected by the department from the purchaser of the corn at the first point of sale or from the Commodity Credit Corporation as provided in subsection (1) of this section. The proceeds of the assessment collected by the department shall be deposited with the State Treasurer in a special fund to be established as the “Mississippi Corn Promotion Fund,” and promptly remitted to a foundation under the terms and conditions as the board deems necessary to ensure that the assessments are used properly in carrying out the purposes of this chapter.

(3) The department shall submit to the board a budget detailing and justifying the administrative costs of the department in administering the provisions of this chapter. The budget must be approved by the board by April 1 of each year. The department shall pay over to the Mississippi Corn Promotion Fund the funds collected, less three and one-half percent (3-½%) of the gross amount collected. The amount withheld by the department must be approved by the board by July 1 of each year.

(4) Each purchaser or the Commodity Credit Corporation shall keep a complete and accurate record of all corn handled by him and shall furnish each producer with a signed sales slip showing the number of bushels purchased from him and the amount deducted by him for the Mississippi Corn Promotion Fund. The records shall be in the form and contain any other information as the department shall by rule or regulation prescribe. The records shall be preserved by the purchaser for a period of two (2) years and shall be offered for inspection at any time upon oral or written demand by the department or any duly authorized agent or representative thereof. Every purchaser or the Commodity Credit Corporation, at such time or times as the department may require, shall submit reports or other documentary information deemed necessary for the efficient and equitable collection of the assessment imposed in this chapter. The department shall have the power to cause any duly authorized agent or representative to enter upon the premises of any purchaser of corn and examine or cause to be examined by the agent only books, papers and records which deal in any way with the payment of the assessment or enforcement of the provisions of this chapter.