Page:United States Statutes at Large Volume 104 Part 5.djvu/502

 104 STAT. 3824 PUBLIC LAW 101-624—NOV. 28, 1990 being a marketable agricultural production unit that is comparable to the parcel as acquired, the Secretary may— "(A) establish wetland conservation easements on wetland that was converted prior to December 23, 1985, in a quantity that is less than 10 percent of the existing croplands available for production of agricultural commodities on the particular parcel; gind "(B) if the reduction provided in subparagraph (A) is not applicable, or is not sufficient to ensure that the particular parcel would be a marketable agricultural production unit, amend the wetland conservation easements established on the wetlands that have been frequently planted to agricultural commodities to permit the production of agriculture^ commodities (consistent with title XII of the Food Security Act of 1985) on the wetlands, to the extent necessary to maintain the parcel as a marketable agricultural production unit. "(6) The Secretary shall provide prior written notification to a borrower considering preservation loan servicing that a wetlands conservation easement may be placed on land for which the borrower is negotiating a lease option. "(7) The appraised value of the farm shall reflect the value of the land due to the placement of wetland conservation easements. "(8) Notwithstanding the limitations described under paragraphs (3) and (4), the limitations may be voluntarily, knowingly waived by any person with respect to real property described in paragraph (3) or (4).". (2) Study and report on appropriate ceilings on the establishment of wetland conservation easements on existing cropland.— (A) STUDY.—Not later than January 31, 1991, the Administrator of the Farmers Home Administration shall study the appropriateness of the maximum percentages, in subparagraphs (A) and (B) of section 335(g)(3) of the Consolidated Farm and Rural Development Act, of the existing cropland available for production of agricultural commodities with respect to which perpetual wetland conservation easements are to be established under such section, taking into account— (i) the amount of land in the inventory of the Farmers Home Administration that may become subject to such an easement; and (ii) the costs and benefits associated with the making of such inventory land subject to such an easement. (B) REPORT.— Not later than January 31, 1991, the Administrator of the Farmers Home Administration shall prepare and submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report containing the recommendations of the Administrator as to the appropriate maximum percentages referred to in subparagraph (A) of this paragraph. SEC. 1814. DEFINITIONS. Section 343(a) (7 U.S.C. 1991(a)) is amended— (1) by striking "and" at the end of paragraph (6); and (2) by inserting before the period at the end the following: ", (8) the term 'beginning farmer or rancher' means such term as defined by the Secretary, (9) the term 'direct loan' means a loan

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