Senate bill aims to protect Grain Indemnity FundPublished on 11/21/2005Earlier this year, the Office of Budget and Management diverted $60,000 from the Grain Indemnity Fund and moved it into the state's general fund. Recent language added to the state budget bill allowed the state to take funds from any state-connected account, including private insurance accounts such as the indemnity fund, also known as the Agricultural Commodity Depositors Fund. That's when Ohio Farm Bureau Federation, Ohio Corn Growers Association, Ohio Soybean Association and other groups stepped in. They contacted state legislators, urging them to return the money to the fund, which provides money to pay producers for losses incurred due to the failure of a grain buyer. The result was that the funds were restored Oct. 21, and the issue caught the attention of state lawmakers. To ensure this won't happen again, Sen. Randy Gardner, R-Bowling Green, has introduced Senate Bill 215, which would prevent the Office of Budget and Management from taking the interest or principle from the indemnity fund. Gardner told Buckeye Farm News that his bill would ensure that money from the indemnity fund would be used "exclusively for Ohio agriculture." "The Grain Indemnity Fund has always been devoted to helping the agriculture community in difficult times, and the interest earned from this fund has been protected as well," Gardner said. "This is no time for state government to make it more difficult to achieve a healthy agricultural climate in Ohio." Co-sponsors of Senate Bill 215 are Sens. Randy Gardner, Larry Mumper, Tim Grendell, Marc Dann, Robert Schuler, Lynn Wachtmann, Joy Padgett, Jim Jordan, Steve Austria, Jay Hottinger and Charles Wilson. | |




