Page:United States Statutes at Large Volume 104 Part 5.djvu/101

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3423 the Secretary, in the designated spot markets for the preceding month exceeded 130 percent of the average price of such base quality of cotton in the designated United States spot markets for the preceding 36-month period. " (5) MARKETING LOAN PROVISIONS. — "(A) IN GENERAL. —I f the Secretary determines that the prevailing world market price for upland cotton (adjusted to United States quality and location) is below the loan level determined under the foregoing provisions of this subsection, in order to make United States upland cotton competitive in world markets, the Secretary shall permit a producer to repay a loan made for any crop at— "(i) a level that is the lesser of— "(I) the loan level determined for the crop; or "(11) the higher of— "(aa) the loan level determined for the crop multiplied by 70 percent; or "(bb) the prevailing world market price for upland cotton (adjusted to United States quality and location), as determined by the Secretary; or "(ii) such other level (not in excess of the loan level determined for the crop nor less than 70 percent of such loan level) that the Secretary determines will— "(I) minimize potential loan forfeitures; "(II) minimize the accumulation of cotton stocks by the Federal Government; "(III) minimize the cost incurred by the Federal Government in storing cotton; and "(IV) allow cotton produced in the United States to be marketed freely and competitively, both domestically and internationaly. " (B) FIRST HANDLER MARKETING CERTIFICATES.— "(i) IN GENERAL.— During the period beginning August 1, 1991, and ending July 31, 1996, if a program carried out under subparagraph (A) or subsection (b) fails to m£tke United States upland cotton fully competitive in world markets and the prevailing world market price of upland cotton (adjusted to United States quality and location), as determined by the Secretary, is below the current loan repayment rate for upland cotton determined under subparagraph (A), to make United States upland cotton competitive in world markets and to maintain and expand domestic consumption and exports of upland cotton produced in the United States, the Secretary shall provide for the issuance of marketing certificates in accordance with this subparagraph. "(ii) PAYMENTS.—The Commodity Credit Corporation, under such regulations as the Secretary may prescribe, shall make payments, through the issuance of marketing certificate, to first handlers of cotton (persons regularly engaged in buying or selling upland cotton) who have entered into an agreement with the (Dommodity Credit Corporation to participate in the program established under this subparagraph. The payments shall be made in such monetary simounts and subject to

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