Bonham – Thanks to a new law, Texas farmers have an opportunity to vote on a grain indemnity fund, a 100 percent farmer-funded program, to protect their assets during grain elevator bankruptcies, according to Jerry Magness, Fannin County Farm Bureau president.
“A law passed during the last Texas legislative session aims to protect producers from losses incurred when they are not paid for stored grain by a buyer or storage facility,”Magness said. “It would be 100 percent funded by farmers and is a self-help solution that benefits the Texas grain industry.”
Money supporting the fund would come from collections at the first point of sale of a grain, such as wheat, corn, soybeans or sorghum. There would be no cost to the state.
Referendum voting will be held from Nov. 19-Dec. 7. Ballots may be picked up at Texas AgriLife Extension Service offices and returned to the Texas Department of Agriculture by mail.
A two-thirds majority vote must be cast for the referendum to pass.