SF 1033

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to agriculture; requiring certain financial 
  1.3             information for ethanol producers receiving ethanol 
  1.4             producer payments; requiring a report on the financial 
  1.5             condition of the ethanol industry; making financial 
  1.6             data on ethanol producers that is filed with the 
  1.7             commissioner of agriculture nonpublic data; amending 
  1.8             Minnesota Statutes 2002, section 41A.09, by adding a 
  1.9             subdivision. 
  1.10  BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.11     Section 1.  Minnesota Statutes 2002, section 41A.09, is 
  1.12  amended by adding a subdivision to read: 
  1.13     Subd. 2b.  [FINANCIAL INFORMATION.] (a) By February 1 each 
  1.14  year, ethanol producers who receive payments under this section 
  1.15  must file financial information for the previous calendar year 
  1.16  in a form determined by the commissioner.  The financial 
  1.17  information must include a balance sheet, an income statement, 
  1.18  an expense statement, a net worth statement, a statement showing 
  1.19  shareholder dividends or other payments to members, and any 
  1.20  other financial information requested by the commissioner.  
  1.21  Information collected by the commissioner is nonpublic data as 
  1.22  defined in section 13.02. 
  1.23     (b) By March 1 each year, the commissioner shall report 
  1.24  summary information on the financial condition of the ethanol 
  1.25  industry to the senate and house committees with jurisdiction 
  1.26  over agricultural policy and finance.  The report by the 
  1.27  commissioner must be made in a form that ensures that: 
  2.1      (1) the identity of the ethanol producers submitting 
  2.2   financial information and described in a report is not 
  2.3   disclosed; and 
  2.4      (2) the confidentiality of proprietary business information 
  2.5   is otherwise protected. 
  2.6      (c) The commissioner shall withhold producer payments under 
  2.7   subdivision 2a to ethanol producers who have not filed the 
  2.8   financial report under paragraph (a).