Page:United States Statutes at Large Volume 104 Part 5.djvu/181

 PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3503 acreage prevented from being planted (because of the disaster or emergency referred to in subparagraph (O) for the crop. (c) CONFORMING AMENDMENT.— Section 1002 of the Food Security Act of 1985 (Public Law 99-198; 99 Stat. 1446) is amended by striking "Effective only for the 1986 through 1990 crops of wheat, feed grains, upland cotton, and rice, section" and inserting "Section". SEC. 1122. COMMODITY CERTIFICATES. (a) IN GENERAL.— Section 107E of the Agricultural Act of 1949 (7 U.S.C. 1445b-4) is amended by adding at the end the following new subsection: "(c) The Secretary shall pay interest on the cash redemption of a commodity certificate issued by the Secretary to a producer who holds the certificate for at lesust 150 days. This subsection shall not apply with respect to commodity certificates issued in connection with the export enhancement program or the marketing promotion program established under the Agricultural Trade Act of 1978.". Ob) SPECIAL RULES.— (1) IN GENERAL. — A subsequent holder of a commodity certificate issued by the Commo^ty Credit Corporation shall be allowed to exchange the expired commodity certificate under the same rules that apply to an original holder of the certificate. (2) APPLICATION AND REDEMPTION LIMITATIONS.—T his subsection shall only apply during the 180-day period beginning on the date of enactment of this Act. No person may redeem more than $1,000 worth of certificates under this subsection. (3) REDEMPTION LIMITATIONS.— In no event shall a person receive a payment from the Commodity Credit Corporation for a certificate that is redeemed under this subsection in an amount greater than the price paid for the certificate by the person. No expired certificate sheill be exchanged under this section if the owner purchased the certificate after January 1, 1990. SEC. 1123. FARMER OWNED RESERVE PROGRAM. Section 110 of the Agricultural Act of 1949 (7 U.S.C. 1445e) is amended to read as follows: "SEC. 110. FARMER OWNED RESERVE PROGRAM. "(a) IN GENERAL. —The Secretary shall formulate and administer a farmer owned reserve program under which producers of wheat and feed grains will be able to store wheat and feed grains when the commodities are in abundant supply, extend the time period for the orderly marketing of the commodities, and provide for adequate carryover stocks to ensure a reliable supply of the commodities. "(b) TERMS OF PROGRAM. — "(1) PRICE SUPPORT LOANS. — In carrying out this program, the Secretary shall provide extended price support loans for wheat and feed grains. An extended loan shall only be made to a producer after the expiration of a 9-month price support loan (hereafter in this section referred to as the 'original loan') made in accordance with this title. "(2) LEVEL OF LOANS. — Loans made under this section shall not be less than the then current level of support under the wheat and feed grain programs established under this title. "(3) OTHER TERMS AND coNornoNS.—The Secretary shall provide for— 7 USC 1445b-2 note. 7 USC 1445k note. Effective date. Loan programs.

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