GRAYSON CO, TX - Texas farmers and ranchers may soon have an insurance fund to protect their assets.
The Grayson County farm bureau has set up an insurance fund to protect local grain producers. This fund comes in response to the Dorchester grain elevator went bankrupt costing many local grain producers.
The fund won't cost tax payers anything though. It will be filled by charging 1 cent on every bushel produced.
"If you never have another grain elevator go bankrupt, you'll never see a penny out of it. But since the Dorchester one had gone out, there have been 5 more in the state of Texas that have gone out," said Ben Wible, President of the Grayson County Farm Bureau.
The bureau will count the votes for the fund on December 17 and if the fund gets two thirds of the vote it needs to pass, it will take a effect in February of 2013. Ballots are due December 7th.