411.278. Amount of bond, how computed. - Missouri Statutes

Amount of bond, how computed.

411.278. 1. The amount of the bond required by section 411.275 shallbe based upon the licensed capacity of the warehouse, but in no event shallsuch bond be less than twenty thousand dollars, and shall be based upon thefollowing table of rates:If the licensed capacity of the The required

warehouse is: bond is the greater of

$20,000 or:Not over 200,000 bushels .............. $10,000 plus $0.25

per bushel of licensed

capacityOver 200,000 but not over 1,000,000 ... $60,000 plus $0.20 per

bushel of excess over

200,000 bushels

of licensed capacityOver 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 capacityOver 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 capacityOver 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 requiredunder section 411.275 shall exceed one million dollars; except, in the caseof a deficiency in the net worth as set forth in section 411.280, thedirector may require additional bond as he shall deem necessary to providesecurity.

(L. 1977 S.B. 75 § 4, A.L. 1997 H.B. 211)

Effective 4-2-97