2005 Idaho Code - 69-208A — AMOUNT OF BOND -- CANCELLATION

                                  TITLE  69
                                  WAREHOUSES
                                  CHAPTER 2
                             BONDED WAREHOUSE LAW
    69-208A.  AMOUNT OF BOND -- CANCELLATION. The amount of bond to be
furnished for each warehouse shall be fixed at whichever of the following
amounts is greater:
    (1)  The combined total indebtedness paid and owed to producers for
agricultural commodity and seed crop stored for withdrawal or transferred
during the previous license year; or
    (2)  The indebtedness owed and estimated to be owed to producers for
agricultural commodity and 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

    Any other bond that may be required shall be separate and in addition to
the bond listed here. In any case, the amount of the bond shall not be more
than five hundred thousand dollars ($500,000). This bond shall run
continuously with the warehouse license until suspended, revoked or canceled
by the bonding company. A ninety (90) day written notice shall be given to the
department by the bonding company before any bond is suspended, revoked or
canceled. The director reserves the right to waive the ninety (90) day
cancellation period.