PIXABAY
The South Dakota Public Utilities Commission wound up 70 minutes of discussion about the financial situation at Farmers Cooperative Elevator in Avon, SD, on Friday with a 3-0 vote to ask a circuit judge to appoint the commission as receiver, reports KELOLand.
The immediate goal is to have all grain producers paid. There reportedly are 46 contracts and two cash sales outstanding. A dollar amount wasn’t disclosed.
State law said payouts must have occurred no later than Saturday, July 10.
Elevator manager Kevin Tjeerdsma told the commission Friday the elevator’s bank has called a note to be paid November 15. That led to falling out of short-term compliance with state laws for grain-buyer and warehouse licenses.
Read the full report here.
