Paying default claims.
Claims against contributing contractor; payment sources.
ADMINISTRATION AND ENFORCEMENT
Department authority; general.
Modifying fund assessments.
Agricultural producer security council.
In this chapter:
“Affiliate" means any of the following persons:
An owner, major stockholder, partner, officer, director, member, employee, or agent of a contractor.
A person owned, controlled, or operated by a person under par. (a)
“Asset" means anything of value owned by a person.
“Audited financial statement" means a financial statement on which an independent certified public accountant licensed or certified under ch. 442
has done all of the following:
Stated that the financial statement presents fairly, in all material respects, the financial position of a contractor as of a specific date or for a specific period, according to one of the following:
The historical cost basis method of accounting, if the financial statement is a sole proprietor's personal financial statement and the financial statement is prepared on a historical cost basis.
Conducted an audit according to generally accepted auditing standards.
“Balance sheet" means a statement of assets, liabilities, and equity on a specific date.
“Contractor," unless otherwise qualified, means any of the following:
“Current assets" means cash and other assets, including trade or investment items, that may be readily converted into cash in the ordinary course of business within one year after the date as of which the value of those assets is determined.
“Current liabilities" means those liabilities that are due within one year after the date as of which the value of those liabilities is determined.
“Department" means the department of agriculture, trade and consumer protection.
“Equity" means the value of assets less the value of liabilities.
“Equity statement" means a report of the change in equity from the beginning to the end of the accounting period covered by the report.
“Fund" means the agricultural producer security fund established under s. 25.463
“Generally accepted accounting principles" means the accounting standards adopted by the Financial Accounting Standards Board, except that for a business entity organized and operating outside the United States “generally accepted accounting principles" includes generally accepted foreign accounting standards that are substantially equivalent to standards adopted by the Financial Accounting Standards Board.
“Grain" means corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, and mixed grain, as defined in 7 CFR 810.801
, except that “grain" does not include any of the following:
Sweet corn or other canning crops for processing.
Seed corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain used or intended for use solely for planting purposes.
Corn, wheat, soybeans, oats, barley, rye, buckwheat, sorghum, flax seed, milo, sunflower seed, or mixed grain that has been rolled, cracked, roasted, or otherwise processed.
“Income statement" means a report of the financial results of business operations for a specific period.
“Individual" means a natural person.
“Interim financial statement" means a statement of financial condition prepared for a period shorter than a fiscal year.
“Person," notwithstanding s. 990.01 (26)
, means an individual, a corporation, a cooperative, an unincorporated cooperative association, a partnership, a limited liability company, a trust, a state agency, as defined in s. 20.001 (1)
, a local governmental unit, as defined in s. 66.0131 (1) (a)
, or other legal entity.
“Reviewed financial statement" means a contractor's financial statement, other than an audited financial statement, that is reviewed by an independent certified public accountant licensed or certified under ch. 442
“Sole proprietor" means a contractor who is an individual.
“Statement of cash flows" means a report of cash receipts and cash disbursements from operating, investing, and financing activities, including an explanation of changes in cash and cash equivalents for the accounting period covered by the report.
“Vegetable" means any vegetable that is grown or sold for use in food processing, whether or not the vegetable is actually processed as food. “Vegetable" includes green beans, kidney beans, lima beans, romano beans, wax beans, beets, cabbage, carrots, celery, cucumbers, onions, peas, potatoes, spinach, squash, and sweet corn, but does not include grain.
AGRICULTURAL PRODUCER SECURITY FUND
Agricultural producer security fund. 126.05(1)(1)
The fund is a public trust and shall be administered to secure payments to producers. Moneys deposited into the fund may be used only for the purposes of this chapter.
The department shall deposit into the fund all fees, surcharges, assessments, reimbursements, and proceeds of contingent financial backing that the department collects under this chapter. The department shall keep a record by contractor and industry, of all deposits into the fund. The department shall keep a record by industry of all payments from the fund.
Contingent financial backing. 126.06(1)(1)
Department may acquire.
Using moneys appropriated under s. 20.115 (1) (v)
, the department may acquire contingent financial backing to secure payment under s. 126.72 (2)
of claims against contributing contractors, as defined in s. 126.68 (1)
. The contingent financial backing may be in one or more of the following forms:
A contract to provide a cash loan to the fund whenever the department requests a loan payable as provided in sub. (3)
Any other form that the department determines is appropriate.
Except as provided in par. (b)
, the department may determine the amount of any contingent financial backing that it obtains under sub. (1)
, up to the amount that, in the department's judgment, is sufficient to meet reasonably foreseeable needs under s. 126.72 (2)
. In making this determination, the department shall consider acquisition costs and repayment liabilities.
The department may not acquire contingent financial backing in an amount that exceeds $17,000,000, unless the department establishes a different maximum amount by rule.
The department shall pay principal and interest costs of any loan provided under sub. (1) (b)
only from the appropriation from the agricultural producer security fund under s. 20.115 (1) (wc)
Subch. III of ch. 126 Cross-reference
See also ch. ATCP 99
, Wis. adm. code.
In this subchapter:
“Cash on delivery" means full cash payment for grain when the grain dealer takes custody or control of the grain.
“Cash payment" means payment in any of the following forms:
A cashier's check or a check that a bank issues and certifies.