The amount of bond to be furnished for each seed buyer will be fixed at whichever of the following amounts is greater:
(1)  The combined total seed buyer indebtedness paid and owed to producers for seed crop stored for withdrawal or transferred during the previous license year; or

Terms Used In Idaho Code 22-5105

  • Director: means the director of the Idaho state department of agriculture. See Idaho Code 22-5102
  • Receipt: means a warehouse receipt. See Idaho Code 22-5102
  • Seed buyer: means any person having a commercial operation, its agents and employees, together with its elevators, mills, buildings, or other structures who owes or has any financial obligation to the producer for seed crop grown by that producer and transferred to the seed buyer. See Idaho Code 22-5102
  • Stored for withdrawal: means the deposit of seed crop with a seed facility by the producer for the subsequent withdrawal by that producer of the same seed crop or similar seed crop, as agreed to by the parties. See Idaho Code 22-5102
(2)  The indebtedness owed and estimated to be owed to producers for seed crop for the current license year.
Subsequent to determining whichever of the preceding amounts is greater, and based on that amount, the amount of bond shall be calculated as follows:

Gross Dollars:
Amount of Bond:
$0 – $450,000
$20,000 bond or 6% of the gross
 
dollars, whichever is less
$450,001 – $1,000,000
$40,000 bond
$1,000,001 – $8,000,000
$100,000 bond
Over $8,000,000
$500,000 bond
In any case, the amount of the bond shall not be more than five hundred thousand dollars ($500,000). This bond shall run concurrently with the seed buyer’s license. A ninety (90) day written notice, by registered or certified mail, return receipt requested, shall be given to the director by the bonding company before it may amend or cancel any bond.