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May 14, 1997; 2:00 p.m.
Commission Office, Room CCR
Pierre, South Dakota

NOTE: If you wish to join this meeting by conference call, please contact the Commission at 605- 773-3201 by 2:00 p.m. on Wednesday, May 14, 1997.

NOTE: Notice is further given to persons with disabilities that this Commission meeting is being held in a physically accessible place. If you have special needs, please notify the Commission and we will make all necessary arrangements.



1. GD97-001 IN THE MATTER OF THE GRAIN WAREHOUSE AND GRAIN DEALER LICENSES OF UTICA GRAIN AND FEED, INC. (Division Director: Ed Anderson. Staff Attorney: Camron Hoseck.)

The Commission licensed the above grain dealer and warehouse operator, Utica Grain and Feed, Inc. (Utica), on July 1, 1996, to conduct business as a grain warehouse and a grain dealer pursuant to SDCL Chapters 49-43 and 49-45. On April 4, 1997, Utica agreed to a voluntary relinquishment of its grain dealer license. The Commission performed an audit of Utica's records on April 8-9, 1997, as provided by law and ascertained the quantity and classes of grain. Utica has voluntarily relinquished its grain dealer's license and conducts its grain warehouse business under review of the Commission with the further provision that it no longer accepts grain for storage nor will it issue warehouse receipts. The Commission on its own motion issued an Order to Show Cause and Notice of Hearing on April 11, 1997, and conducted a hearing on this matter in Yankton, South Dakota, on April 16, 1997. The issue at the hearing was whether Utica had sufficient funds to satisfy all current outstanding grain payables, mee obligations as a grain warehouse, and that it is otherwise financially and managerially fit to continue operations as a grain warehouse and a grain dealer within South Dakota. During the hearing, Utica presented evidence indicating that it was working on a reorganization plan with its primary lender. On April 25, 1997, the Commission received the transcript of the hearing. On May 2, 1997, a ad hoc meeting, the Commission voted to re-open the record until May 7, 1997, for the purpose of receiving additional evidence from the parties. Utica filed additional evidence with the Commission on May 7, 1997.

TODAY, how shall the Commission proceed?


William Bullard Jr.
Executive Director
May 13, 1997