(December 5, 2012)-- A self-funded protection program intended to alleviate the burden of financial loss in the event of financial or elevator failure will be voted on by grain farmers statewide.
The proposed indemnity fund was authorized last year by the Texas Legislature after an elevator storing their grain went out of business.
Corn, grain, sorghum, soybeans and wheat producers who have sold grain in Texas in the past 36 months, including those who produce grain for seed, will have the opportunity to vote on establishing a fund that will cover up to 90 percent of financial losses when grain warehouses or grain buyers fail to pay due to a financial failure.
If the fund is approved, a Texas Grain Producer Indemnity Board comprised of nine members will be appointed as a result of HB 1840 passed during a recent legislative session.
Farmers will be able to vote by mail ballot only and they must be postmarked no later than Friday.
Postage-paid ballots are available at Texas A&M AgriLife Extension offices.
Ballots can be mailed to the Texas Department of Agriculture, P.O. Box 12847, Austin, TX 78711.
Ballots will be counted and certified on Dec. 17.