2005 Idaho Code - 22-5105 — AMOUNT OF BOND -- NOTICE OF CANCELLATION

                                  TITLE  22
                         AGRICULTURE AND HORTICULTURE
                                  CHAPTER 51
                           SEED INDEMNITY FUND LAW
    22-5105.  AMOUNT OF BOND -- NOTICE OF CANCELLATION. 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
    (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.