411.278. Amount of bond, how computed. — 1. The amount of the bond required by section 411.275 shall be based upon the licensed capacity of the warehouse, but in no event shall such bond be less than twenty thousand dollars, and shall be based upon the following table of rates:
| If the licensed capacity of the warehouse is: | The required bond is the greater of $20,000 or: | |
| Not over 200,000 bushels | $10,000 plus $0.25 per bushel of licensed capacity | |
| Over 200,000 but not over 1,000,000 | $60,000 plus $0.20 per bushel of excess over 200,000 bushels of licensed capacity | |
| Over 1,000,000 but not over 2,000,000 | $220,000 plus $0.15 per bushel of excess over 1,000,000 bushels of licensed capacity | |
| Over 2,000,000 but not over 3,000,000 | $370,000 plus $0.10 per bushel of excess over 2,000,000 bushels of licensed capacity | |
| Over 3,000,000 | $470,000 plus $0.05 per bushel of excess over 3,000,000 bushels of licensed capacity |
2. Notwithstanding subsection 1 of this section, no bond required under section 411.275 shall exceed one million dollars; except, in the case of a deficiency in the net worth as set forth in section 411.280, the director may require additional bond as he shall deem necessary to provide security.
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(L. 1977 S.B. 75 § 4, A.L. 1997 H.B. 211)
Effective 4-02-97
---- end of effective 02 Apr 1997 ----
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