Page:United States Statutes at Large Volume 110 Part 1.djvu/1124

 110 STAT. 1100 PUBLIC LAW 104-127—APR. 4, 1996 " (II) $2,100,000,000 shall be for guarantees" of operating loans under subtitle B. "(F) FISCAL YEAR 2001. —For fiscal year 2001, $3,435,000,000, of which— "(i) $585,000,000 shall be for direct loans, of which— "(I) $85,000,000 shall be for farm ownership loans under subtitle A; and "(II) $500,000,000 shall be for operating loans under subtitle B; and "(ii) $2,850,000,000 shall be for guaranteed loans, of which— "(I) $750,000,000 shall be for guarantees of farm ownership loans under subtitle A; and "(II) $2,100,000,000 shall be for guarantees of operating loans under subtitle B. "(G) FISCAL YEAR 2002.—For fiscal year 2002, $3,435,000,000, of which— "(i) $585,000,000 shall be for direct loans, of which— "(I) $85,000,000 shall be for farm ownership loans under subtitle A; and "(II) $500,000,000 shall be for operating loans under subtitle B; and "(ii) $2,850,000,000 shall be for guaranteed loans, of which— "(I) $750,000,000 shall be for guarantees of farm ownership loans under subtitle A; and "(II) $2,100,000,000 shall be for guarantees of operating loans under subtitle B. " (2) BEGINNING FARMERS AND RANCHERS.— "(A) DIRECT LOANS.— "(i) FARM OWNERSHIP LOANS.— "(I) IN GENERAL. — Of the amounts made available under paragraph (1) for direct farm ownership loans, the Secretary shall reserve 70 percent for qualified beginning farmers and ranchers. "(II) DOWN PAYMENT LOANS. —Of the amounts reserved for a fiscal year under subclause (I), the Secretary shall reserve 60 percent for the down payment loan program under section 310E until April 1 of the fiscal year. "(ii) OPERATING LOANS. —Of the amounts made available under paragraph (1) for direct operating loans, the Secretary shall reserve for qualified beginning farmers and ranchers— "(I) for each of fiscal years 1996 through 1998, 25 percent; "(II) for fiscal year 1999, 30 percent; and "(III) for each of fiscal years 2000 through 2002, 35 percent. "(iii) FUNDS RESERVED UNTIL SEPTEMBER 1.— Except as provided in clause (i)(II), funds reserved for qualified beginning farmers or ranchers under this subparagraph for a fiscal year shall be reserved only until September 1 of the fiscal year. " (B) GUARANTEED LOANS. —

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