Page:United States Statutes at Large Volume 104 Part 5.djvu/105

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3427 in this section referred to as 'loan deficiency payments') available to producers who, although eligible to obtain a loan under subsection (a), agree to forgo obtaining the loan in return for payments under this subsection. (2) COMPUTATION.— A payment under this subsection shall be computed by multiplying— "(A) the loan payment rate; by "(B) the quantity of upland cotton the producer is eligible to place under loan but for which the producer forgoes obtaining the loan in return for payments under this subsection. "(3) LOAN PAYMENT RATE.— For purposes of this subsection, the loan payment rate shall be the amount by which— "(A) the loan level determined for the crop under subsection (a); exceeds "(B) the level at which a loan may be repaid under subsection (a). "(4) MARKETING CERTIFICATES. — The Secretary may make up to one-half the amount of a payment under this subsection available in the form of marketing certificates, subject to the terms and conditions provided in subsection (a)(SXB). ' (c) PAYMENTS. — " (1) DEFICIENCY PAYMENTS. — "(A) IN GENERAL.—The Secretary shall make available to producers payments (hereafter in this section referred to as deficiency payments') for each of the 1991 through 1995 crops of upland cotton in an amount computed by multiply- ing— "(i) the payment rate; by "(ii) the payment acres for the crop; by "(iii) the farm program payment jrield established for the crop for the farm. "(B) PAYMENT RATE. — "(i) IN GENERAL.—The payment rate for upland cotton shall be the amount by which the established price for the crop of upland cotton exceeds the higher of— "(I) the national average market price received by producers during the calendar year that includes the first 5 months of the marketing year for the crop, as determined by the Secretary; or "(II) the loan level determined for the crop. "(ii) MINIMUM ESTABLISHED PRICE.— The established price for upland cotton shall not be less thein $0,729 per pound for each of the 1991 through 1995 crops. "(C) PAYMENT ACRES.— Payment acres for a crop shall be the lesser of— "(i) the number of acres planted to the crop for harvest within the permitted acreage; or "(ii) 100 percent of the crop acreage base for the crop for the farm less the quantity of reduced acreage (as determined under subsection (e)(2)(D)). "(D) 50/92 PROGRAM.— Conservation. "(i) IN GENERAL.—I f an acreage limitation program under subsection (e)(2) is in effect for a crop of upland cotton and the producers on a farm devote a portion of the maximum payment acres for upland cotton as cal-

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