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Grain indemnity fund referendum set

A referendum to approve a grain indemnity program for Texas grain producers is scheduled for Nov. 19 until Dec. 7, 2012.

Mail-in ballots will be available at Texas AgriLife Extension offices throughout the state. The grain indemnity fund board may award up to 90 percent of the financial losses suffered by producers of corn, sorghum, soybean and wheat when grain buyers fail to pay for grain due to a financial failure, says Dee Vaughan, a grain producer from Dumas, Texas, and chairman of the grain indemnity fund board.

The TGPIB was established as the result of legislation passed by the 2011 Texas legislature and signed into law by the governor. Rep. Larry Phillips of Sherman and Sen. Craig Estes of Wichita Falls introduced the legislation after a series of grain buyer financial failures in recent years resulted in millions of dollars in losses to Texas grain producers.

 

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