The amount of the bond required under
subsection (1), Section
, Oregon Revised
Statutes, and OAR 603-032-0110
, shall be a sum equal to the total number of
bushels of rated grain storage capacity of the warehouse covered, multiplied by
the number of cents herein assigned rounded up to the nearest $1,000:
(a) $.15 per bushel of capacity if provided
to the Department an annual financial statement which shall have been audited
or reviewed by a certified or licensed public accountant;
(b) $.20 per bushel of capacity if no annual
financial statement or audit is submitted and approved.
(2) If at any time it appears, in accordance
with the provisions of subsection (5), Section
586.300, Oregon Revised
Statutes, that the bond referred to in section (1) of this rule is not
sufficient to provide adequate protection to holders of the receipts or load
slips of the warehouse or warehouses covered by the bond, the Department may
require the filing of an additional bond or bonds.
(3) Other provisions of this section
notwithstanding, no bond shall be less than $20,000 and no bond or bonds of any
one warehouseman shall total more than $500,000. In lieu of a surety bond, the
warehouseman may submit a letter of credit satisfactory to the state Department
(4) The total
storage capacity of any warehouse or warehouses subject to bond shall be
determined by the Department.
Or. Admin. R.
AD 440, f. 6-23-52, ef.
7-1-52; AD 669, f. 6-16-61, ef. 7-1-61; AD 847(19-67), f. 8-24-67, ef. 9-13-67;
AD 980(13-72)(Temp), f. & ef. 10-1-72; AD 984(16-72), f. 12-21-72, ef.
1-1-73; AD 994(8-73)(Temp), f. & ef. 8-1-73; AD 1002(16-73), f. 12-5-73,
ef. 12-25-73; DOA 9-1998, f. & cert. ef.
Stat. Auth.: ORS
561.190 & ORS
586.225 - ORS
Stats. Implemented: ORS
586.225 - ORS