Section F: CALCULATION OF LICENSING FEES
1). Licensing Fee
(includes one (1) facility):
Enter application fee:
GRAIN BANK:……………………………………………………………$ 1,000.00
GRAIN BUYER:………………………………………………………….$ 1,500.00
WAREHOUSE and BUYER/WAREHOUSE:
Less than 250,000 bushel storage capacity…………………………….$ 1,000.00
250,000 thru 999,999 bushel storage capacity………………………..$ 1,500.00
1,000,000 thru 10,000,000 bushel storage capacity………………….$ 2,000.00
Over 10,000,000 bushel storage capacity………………………….. $ 2,500.00
$
(1)
2). Number of facilities, less one included in the above fee:
(List Indiana facilities on pages 3 & 4, Section J.)
(2)
3). Multiply Line 2 by $250.00
$
(3)
4). Total of Lines 1 and 3: Make check payable to: Indiana Grain Buyers and Warehouse Licensing Agency
$
(4)
Section G: COMPUTATION OF NET WORTH REQUIREMENTS
1). Indiana law MINIMUM NET WORTH requirements are: Enter applicable Net Worth requirement:
GRAIN BANK – only grain bank, 50,000 bu capacity and buys less than 50,000 bu……………….$100,000.00
WAREHOUSE – only stores grain and buys less than 50,000 bu per year…………………………..$100,000.00
GRAIN BUYER – buys more than 50,000 bu per year, offers DP and contracts, no storage………$100,000.00
BUYER/WAREHOUSE – Less than 1 million bushels of capacity or purchases…………………….$150,000.00
1 million or more bushels of capacity or purchases……………………….$200,000.00
See Section B, License Type, for more information
$
(1)
2). Total bushel storage capacity of all facilities. (To be listed on page 4).
(Warehouse and Buyer/Warehouse applicants only).
(2)
3). Multiply Line 2 by ten cents (.10¢)
$
(3)
4). TOTAL: (Line 1 and Line 3)
$
(4)
5). Total number of bushels purchased last year.
(Grain Buyer and Buyer/Warehouse applicants only).
(5)
6). Multiply Line 5 by five cents (.05¢)
$
(6)
7). TOTAL REQUIRED NET WORTH: Enter the larger of Lines 4 or 6.
By July 1, 1999, all firms must meet this requirement and a Current Asset to Current Liability ratio of one to one (1:1).
$
(7)
8). Company’s current NET WORTH (as of _______/_______/_______) from reviewed financial statement.
$
(8)
9). If your Net Worth is equal to or greater than the requirement, continue to Section H.
IMPORTANT: Net Worth (Line 8) must be at least the minimum required (Section G, Line 1) to add the deficient
amount to the bond. If the required Net Worth (Line 7) is greater than your Net Worth (Line 8), enter the deficiency
here and in Section H, Line 8.
$
(9)
Section H: COMPUTATION OF BOND
1). Minimum Amount of Bond Required.
$ 50,000.00
(1)
2). Total bushel storage capacity of all facilities listed on page 4, Section K.
(Grain Bank, Warehouse, and Buyer/Warehouse applicants only). (2)
3). Multiply Line 2 by ten cents (.10¢)
$ (3)
3a). Total of Lines 1 & 3
$
(3a)
4). Total dollar amount paid for grain purchased from producers during last fiscal year.
(Grain Buyer and Buyer/Warehouse applicants only).
$ (4)
5). Multiply Line 4 by ½ % (.005).
$
(5)
6). Enter the larger amount of Lines 1, 3a, or 5.
$
(6)
7). BOND REQUIRED: Enter the smaller of Line 6 or $250,000.00.
(Companies applying for more than one license, bond not to exceed $1,000,000.00 for company.)
$
(7)
8). If the minimum Net Worth requirement is met, Net Worth deficiencies can be added to the bond requirement.
Enter deficiency in required Net Worth from Section G, Line 9.
$
(8)
9). TOTAL BOND REQUIRED: Lines 7 plus Line 8.
$
(9)
Carrier of bond, if known: Form of bond?
Surety Cash Deposit Letter of Credit
License Application – Page 2