(1) There is hereby created the Mississippi Grain Indemnity Board, which is established for the purposes of administering and overseeing the Grain Indemnity Trust Fund and providing a process by which producers growing and selling grain in the State of Mississippi can make claims for contract losses due to a failure of a grain dealer licensed by the State of Mississippi under Chapter 45, Title 75, Mississippi Code of 1972, and/or for contract and storage losses due to the failure of a grain warehouse operator licensed by the State of Mississippi under Chapter 44, Title 75, Mississippi Code of 1972, or by the United States Department of Agriculture under the United States Warehouse Act.
(2) The board shall consist of the following seven (7) voting members:(a) The commissioner, who shall be the chairperson of the board;(b) Two (2) members appointed by the Governor;(c) Two (2) members appointed by the Lieutenant Governor; and(d) Two (2) members appointed by the Speaker of the House of Representatives who shall be active Mississippi grain farmers.All board members appointed under paragraphs (b) through (d) of this subsection shall have demonstrated knowledge and/or experience in the production, marketing and storage of grain.
(a) The commissioner, who shall be the chairperson of the board;
(b) Two (2) members appointed by the Governor;
(c) Two (2) members appointed by the Lieutenant Governor; and
(d) Two (2) members appointed by the Speaker of the House of Representatives who shall be active Mississippi grain farmers.
All board members appointed under paragraphs (b) through (d) of this subsection shall have demonstrated knowledge and/or experience in the production, marketing and storage of grain.
(3) Members of the initial board shall be appointed as follows:(a) The Governor shall appoint members for terms of one (1) year and three (3) years;(b) The Lieutenant Governor shall appoint members for two (2) and four (4) years; and(c) The Speaker of the House of Representatives shall appoint members for one (1) year and three (3) years.Following the initial board, subsequent members appointed to the board shall serve a term of four (4) years with staggered expiration dates. Members of the board shall, while serving on business of the board, be entitled to receive as compensation a per diem, as provided by law, in addition to any actual and necessary expenses incurred in the performance of the official duties of the board. The commissioner may call a meeting of the board upon reasonable notice to the board members.
(a) The Governor shall appoint members for terms of one (1) year and three (3) years;
(b) The Lieutenant Governor shall appoint members for two (2) and four (4) years; and
(c) The Speaker of the House of Representatives shall appoint members for one (1) year and three (3) years.
Following the initial board, subsequent members appointed to the board shall serve a term of four (4) years with staggered expiration dates. Members of the board shall, while serving on business of the board, be entitled to receive as compensation a per diem, as provided by law, in addition to any actual and necessary expenses incurred in the performance of the official duties of the board. The commissioner may call a meeting of the board upon reasonable notice to the board members.
(4) There is created in the State Treasury a special fund to be designated the “Mississippi Grain Indemnity Trust Fund.” Funds collected by or appropriated to the board shall be held in trust by the State Treasurer for use and benefit of the board, only to pay claimants and to the board for costs for the administration of this chapter. The Grain Indemnity Trust Fund shall consist of:(a) Money collected under this chapter;(b) Interest earned on any money in the Grain Indemnity Trust Fund;(c) Any funds appropriated by the Legislature or any other public or private source; and(d) Any bond proceeds for grain, proceeds from other pledged financial assets for grain set forth in Section 75-44-29 and Section 75-45-305 or other financial obligations in favor of the commissioner as provided in Sections 75-44-29 and 75-45-305.
(a) Money collected under this chapter;
(b) Interest earned on any money in the Grain Indemnity Trust Fund;
(c) Any funds appropriated by the Legislature or any other public or private source; and
(d) Any bond proceeds for grain, proceeds from other pledged financial assets for grain set forth in Section 75-44-29 and Section 75-45-305 or other financial obligations in favor of the commissioner as provided in Sections 75-44-29 and 75-45-305.
(5) Amounts in the Grain Indemnity Trust Fund may be invested and reinvested at the discretion of the State Treasurer in cooperation with the board. Interest from these investments shall be deposited in the Grain Indemnity Trust Fund and shall be available for the same purposes as other monies deposited in the Grain Indemnity Trust Fund. The monies in the Grain Indemnity Trust Fund shall not be available for any purpose other than those specified in subsection (1) of this section.
(6) The Grain Indemnity Trust Fund shall operate on a fiscal year basis of July 1 to June 30. The board may accept and expend funds deposited into the Grain Indemnity Trust Fund and funds not expended at the end of the fiscal year shall remain in the Grain Indemnity Trust Fund and said funds shall not lapse or otherwise be placed into the State General Fund, and any investment earnings or interest earned on such accounts shall be deposited only to the credit of the Grain Indemnity Trust Fund. Administrative costs such as those enumerated in Section 75-46-7 associated with administering the Grain Indemnity Trust Fund shall not exceed Two Hundred Thousand Dollars ($200,000.00) per fiscal year, unless claims are filed and being administered. In such case, the administrative costs shall not exceed Five Hundred Thousand Dollars ($500,000.00) per fiscal year while claims are ongoing and/or being administered from year to year. A report detailing administrative costs shall be filed with the Legislature by the board no later than December 1 of each year.