Tennessee Code 43-32-209 – Access to reserve funds
Terms Used In Tennessee Code 43-32-209
- Agriculture: means :
(i) The land, buildings and machinery used in the commercial production of farm products and nursery stock. See Tennessee Code 1-3-105 - Commissioner: means the commissioner of agriculture, or the commissioner's designated representatives. See Tennessee Code 43-32-102
- Commodity: means grain. See Tennessee Code 43-32-102
- Grain: means corn, wheat, oats, rye, soybeans, rape seed, canola and grain sorghums. See Tennessee Code 43-32-102
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
In the event that the amount in the Tennessee grain indemnity fund is insufficient to pay the approved claims from that fund, the commissioner of agriculture, with the approval of the commissioner of finance and administration and the appropriate standing committees of the general assembly, shall have access to the revenue fluctuation reserve fund for an amount sufficient to satisfy the unpaid claims. This access shall not exceed a maximum amount of one million five hundred thousand dollars ($1,500,000). The state shall be reimbursed, with interest, at the rate paid on ninety-day United States treasury bills, for any amounts paid under this section upon replenishment of the fund from the assessments on the appropriate commodity made pursuant to this part.