TGPIB Producer Referendum The Texas Grain Producers Indemnity Fund Board continues to work toward providing a low cost and efficient method to indemnify grain producers when a grain buyer suffers a financial failure and cannot pay for delivered grain. The board has worked with the reinsurance industry to devise a plan that will dramatically lower the cost of a fund to the producer. To be able to present this more efficient indemnity fund to the producers for acceptance via a referendum, the board is working to pass corrective legislation. Follow the below links for resources related to this corrective legislation: Current Grain…continue reading →
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A referendum on the statewide establishment of a grain indemnity fund held by the Texas Grain Producers Indemnity Board opened today. The TGPIB referendum will be held from Nov. 19, 2012, until Dec. 7, 2012 across 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. TGPIB was established as the result of legislation passed by the 2011 Texas legislature and signed into law by the…continue reading →
Texas grain farmers voted against the establishment of a statewide grain indemnity fund in the referendum held by the Texas Grain Producers Indemnity Board, according to the results released today after the canvassing of the ballots. Farmers across the state voted in the referendum, which was held Nov. 19, 2012, until Dec. 7, 2012, on the statewide establishment of a grain indemnity fund. According to the Texas Department of Agriculture, who canvassed the ballots, there were 1,678 ballots submitted during the referendum with 1,171 farmers voting in opposition and 507 farmers voting in favor –…continue reading →