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PAG LIN
1 1 Section 1. Section 456A.36, subsection 1, paragraph c,
1 2 Code 1995, is amended to read as follows:
1 3 c. "Timber buyer" means a person engaged in the business
1 4 of buying timber from the timber growers for sawing into
1 5 lumber, for processing or for resale, but does not include a
1 6 person who occasionally purchases timber for sawing or
1 7 processing for the person's own use and not for resale.
1 8 "Timber buyer" includes a person who contracts with a timber
1 9 grower on a shared-profit basis to harvest timber from the
1 10 timber grower's land.
1 11 Sec. 2. Section 456A.36, subsection 2, unnumbered
1 12 paragraph 2, Code 1995, is amended by striking the unnumbered
1 13 paragraph and inserting in lieu thereof the following:
1 14 The principal amount of the bond shall be ten percent of
1 15 the total amount paid to timber growers during the preceding
1 16 year, plus ten percent of the total amount due or delinquent
1 17 and unpaid to timber growers at the end of the preceding year,
1 18 and ten percent of the market value of growers' shares of
1 19 timber harvested during the previous year. However, the total
1 20 amount of the bond shall be not less than three thousand
1 21 dollars and not more than fifteen thousand dollars.
1 22 Sec. 3. EFFECTIVE DATE. This Act takes effect January 1,
1 23 1997.
1 24 EXPLANATION
1 25 This bill amends the definition of a timber buyer to
1 26 include a person who contracts to harvest timber on shares.
1 27 The bill also revises the formula for determining the amount
1 28 of the surety bond which a timber buyer must file with the
1 29 natural resource commission based on the preceding year's
1 30 business. The minimum bond is raised from $500 to $3,000 and
1 31 the maximum bond is raised from $10,000 to $15,000.
1 32 This bill takes effect January 1, 1997.
1 33 LSB 3361SV 76
1 34 tj/sc/14
Text: SF02211 Text: SF02213 Text: SF02200 - SF02299 Text: SF Index Bills and Amendments: General Index Bill History: General Index
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