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.

Terms Used In Iowa Code 203D.3

  • Board: means the Iowa grain indemnity fund board created in section 203D. See Iowa Code 203D.1
  • Department: means the department of agriculture and land stewardship. See Iowa Code 203D.1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Fund: means the grain depositors and sellers indemnity fund created in section 203D. See Iowa Code 203D.1
  • Grain: means the same as defined in section 203. See Iowa Code 203D.1
  • Grain dealer: means the same as defined in section 203. See Iowa Code 203D.1
  • Licensed warehouse: means the same as defined in section 203C. See Iowa Code 203D.1
  • property: includes personal and real property. See Iowa Code 4.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • Warehouse operator: means the same as defined in section 203C. See Iowa Code 203D.1
 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.
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