Texas Agriculture Code 41.2035 – Fund
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(a) The grain producer indemnity fund is a trust fund outside the state treasury to be held and administered by the board, without appropriation, for the payment of claims against a grain buyer who has experienced a financial failure.
(b) The board shall deposit assessments remitted under Section 41.206 in the fund.
Terms Used In Texas Agriculture Code 41.2035
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
(c) Interest or other income from investment of the fund shall be deposited to the credit of the fund.
(d) As a part of the annual budget proposal procedure described by Section 41.059, the board shall set a minimum balance for the fund to be held in reserve to pay for administrative costs in the event that claims against the fund exceed the total balance of the fund. The board shall post the minimum balance set under this subsection on the board’s Internet website.