1. The board shall annually review the debits of and credits to the grain depositors and sellers indemnity fund created in section 203D.3 and shall determine whether to impose the participation fee and per-bushel fee as provided in section 203D.3A, make adjustments to the fees effective on the previous July 1, or waive the fees as necessary to comply with this section. The board shall make the determination not later than May 1 of each year. The board shall impose the fees or adjust the fees effective on the previous July 1 in accordance with chapter 17A. The imposition or adjustment of the fees shall become effective as follows:

 a. For the participation fee, on the following July 1. However, the licensee shall continue to pay the participation fee at the rate in effect on the prior July 1, until the licensee has paid the amount owing.
 b. For a per-bushel fee, on the following July 1.

Terms Used In Iowa Code 203D.5

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Licensee: means a licensed grain dealer or licensed warehouse operator. See Iowa Code 203D.1
  • Purchased grain: means grain entered in the company-owned paid position as evidenced on the grain dealer's daily position record. See Iowa Code 203D.1
  • Warehouse operator: means the same as defined in section 203C. See Iowa Code 203D.1
  • year: means twelve consecutive months. See Iowa Code 4.1
 2. a. Except as provided in paragraph “b”, the rate of a participation fee owed by a licensee shall be calculated as follows:

 (1) For a licensed grain dealer, not more than fourteen thousandths of a cent per bushel assessed on all purchased grain during the grain dealer’s last fiscal year at each location at which records are maintained for transactions of the grain dealer, as determined according to information submitted by the grain dealer to the department for the issuance or renewal of a license as provided in section 203.5.
 (2) For a licensed warehouse operator, not more than fourteen thousandths of a cent per bushel of bulk grain storage capacity for each warehouse licensed pursuant to section 203C.8 or five hundred dollars, whichever is less. The participation fee shall be determined using information provided to the department by the warehouse operator applying for the issuance or renewal of a license as provided in sections 203C.7 and 203C.37.
 b. A licensee shall pay a participation fee of at least fifty dollars.
 3. The rate of the per-bushel fee shall not exceed one-quarter cent per bushel assessed on all purchased grain.
 4. If on the last date of the fund’s fiscal year as provided in section 203D.3 the assets of the fund exceed eight million dollars, less any encumbered balances or pending or unsettled claims, all of the following apply:

 a. The participation fee shall be waived and shall not be assessable or owing for the following fiscal year of the fund. However, the licensee shall continue to pay any owing participation fee that was in effect on the prior July 1.
 b. The per-bushel fee shall be waived and shall not be assessable or owing.
 5. The board shall reinstate the fees as provided in this section if the assets of the fund, less any unencumbered balances or pending or unsettled claims, are three million dollars or less.
  Previous section
Next section  
 Chapter 203D Contents