Page:United States Statutes at Large Volume 106 Part 5.djvu/521

 PUBLIC LAW 102-554—OCT. 28, 1992 106 STAT. 4159 "(bb) provide substantial day-to-day labor and management of the farm or ranch, consistent with the practices in the State or county in which the farm or ranch is located; or "(n)(aa) in the case of a loan made to a cooperative, corporation, partnership, or joint operation, will have members, stockholders, partners, or joint operators, materially and substantially participate in the operation of the farm or ranch; and 'Xbb) in the case of a loan made to a corporation, has stockholders, all of whom are qualified beginning farmers or ranchers; "(£) who agrees to participate in such loan assessment, borrower traimng, andfinancialmanagement programs as Uie Secretary may require; "(F) who does not own land or who, directly or through interests in family farm corporations, owns land, the aggregate acreage of which does not excised 15 percent of the median acreage of the farms or ranches, as the case may be, in the county in which the farm or ranch operations of the applicant are located, as reported in the most recent census of agriculture taken under section 142 of title 13, United States Code; and "(G) who demonstrates that the available resources of the applicant and spouse (if any) of the applicant are not sufiicient to enable the applicant to continue farming or ranching on a viable scale.". SEC. 20. TARGETING OF FUNDa (a) FARM OPERATING LOANS FOR BEGINNING FARMERS AND RANCHERS.—Section 346(b) (7 U.S.C. 1994(b)) is amended by adding at the end the following new paragraph: "(SXA) In expending funds available for insured operating loans under subtitle B, including loans made under section 318— "(i) during the first 6 months of fiscal year 1994, the Secretary shall reserve not less than 30 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers; "(ii) during the first 6 months of eacn of fiscal years 1995 and 1996, the Secretary shall reserve not less than 40 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers; and "(iii) during the first 6 months of each of fiscal years 1997 and thereafter, the Secretary may reserve not more than 50 percent of the funds available for the fiscal year to make insured operating loans to qualified beginning farmers or ranchers. "(B) In each fiscal year described in subparagraph (A), with regard to the funds not reserved under subparagraph (A), a qualified beginning farmer or rancher may apply for insured operating loans, but shall not receive any preference as a result of status as a qualified beginning farmer or rancher.". (b) PORTIONS OF FARM OWNERSHIP LOAN GUARANTEE FUNDS TARGETED TO BEGINNING FARMERS OR RANCHERS.—Section 346(b)(2) (7 U.S.C. 1994(b)(2)) is amended by adding at the end the following new sentence: '?^ot less than 25 percent of the amounts appro-

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