Or. Admin. R. 603-012-0003 - State Bonds: When Required by Livestock Auction Markets

(1) The provisions of this section which are required by House Bill 1242 (also cited as Chapter 368, Oregon Laws 1967) apply only to those livestock auction markets that have not as yet qualified under or are subject to the provisions of laws or regulations of the federal Packers and Stockyards Act and who have not obtained and are maintaining the federal bonds required thereunder.
(2) Except as hereinafter otherwise provided, the owner or operator of a livestock auction market shall obtain and maintain a state bond with the Department, the amount or size of which shall be not less than the next multiple of $2,000 above the average amount of sales of livestock by such market during a period equivalent to two (2) business days based on the total number of business days, and the total amount of such transactions in the preceding 12 months or in such substantial part thereof in which such market did business, if any.
(3) For the purpose of such computation, 260 shall be deemed the number of business days in any year. The amount of the bond shall be determined by dividing the total value of the livestock sold by the livestock auction market, during the preceding 12 months or any substantial part thereof as the market was engaged in business, by the actual number of sales by auction or on commission at which livestock was sold, but in no instance shall the divisor be greater than 130.
(4) Bonds in an amount above $26,000 shall be not less than the next multiple of $5,000 above the average amount of sales of livestock, computed as set forth above in this section.
(5) When the amount of a bond for any livestock auction market, calculated as set forth above in this section exceeds $50,000, the amount of the bond need not exceed $50,000 plus 10 percent of the excess, unless the Department pursuant to OAR 603-012-0005, has reason to believe a bond in the computed amount is inadequate.
(6) Notwithstanding the other provisions of this rule, in no case shall a bond for a livestock auction market be less than $10,000.
(7) If an applicant for a license to operate a livestock auction market has been licensed during the past three years and has engaged in the operation of a livestock auction market in Oregon, the value of the livestock sold, at such previous other location, may be used by the Department in computing the bond (providing the previous operation or amount of business is representative of the future business or operation). If the applicant for a license and bond is a successor in business to an owner or operator of an existing livestock auction market, the bond of the applicant shall be in an amount not less than that required of the prior licensee, unless otherwise determined by the Department.

Notes

Or. Admin. R. 603-012-0003
AD 850(22-67), f. 9-5-67, ef. 9-13-67

Stat. Auth.: ORS 596, ORS 597 & ORS 599

Stats. Implemented: ORS 599.245

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