(1) There is hereby established, within the dedicated account, a fund to be known as the seed indemnity fund. The seed indemnity fund shall consist of assessments remitted pursuant to the provisions of this chapter and any interest or earnings on the fund balance.
(2)  All assessments shall be paid to the department and shall be deposited in the seed indemnity fund. Assessments shall be paid solely by or on behalf of producers who transfer or deposit for storage a seed crop with a seed buyer. The state treasurer shall be the custodian of the seed indemnity fund. Disbursements shall be authorized by the director. No appropriation is required for disbursements from this fund.

Terms Used In Idaho Code 22-5120

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Department: means the Idaho state department of agriculture. See Idaho Code 22-5102
  • Director: means the director of the Idaho state department of agriculture. 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
  • 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 District of Columbia and territories. See Idaho Code 73-114
  • Transfer: means , unless otherwise defined by the parties in writing, the event when a producer or his agent delivers seed crop to the seed buyer who then gives the producer or his agent a scale weight ticket, receipt, or other written evidence of transfer. See Idaho Code 22-5102
(3)  The seed indemnity fund shall be used exclusively for paying valid claims as authorized by this chapter and the necessary fees and expenses of the department in carrying out its responsibilities under this chapter. If necessary a portion of the fund may be used to defray the cost of reinsuring the fund at the discretion of the director. The state of Idaho shall not be liable for any claims presented against the fund.