Page:United States Statutes at Large Volume 110 Part 1.djvu/1125

 PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 1101 "(i) FARM OWNERSHIP LOANS. —Of the amounts made available under paragraph (1) for guarantees of farm ownership loans, the Secretary shall reserve 25 percent for qualified beginning farmers and ranchers. "(ii) OPERATING LOANS. —Of the amounts made available under paragraph (1) for guarantees of operating loans, the Secretary shall reserve 40 percent for qualified beginning farmers and ranchers. "(iii) FUNDS RESERVED UNTIL APRIL i.— Funds reserved for qualified beginning farmers or ranchers under this subparagraph for a fiscal year shall be reserved only until April 1 of the fiscal year. " (C) RESERVED FUNDS FOR ALL QUALIFIED BEGINNING FARMERS AND RANCHERS. —If a qualified beginning farmer or rancher meets the eligibility criteria for receiving a direct or guaranteed loan under section 302, 310E, or 311, the Secretary shall make or guarantee the loan if sufficient funds reserved under this paragraph are available to make or guarantee the loan. " (3) TRANSFER FOR DOWN PAYMENT LOANS. — "(A) IN GENERAL.— Notwithstanding subsection (a), subject to subparagraph (B)— "(i) beginning on August 1 of each fiscal year, the Secretary shall use available unsubsidized guaranteed farm operating loan funds to provide direct farm ownership loans approved by the Secretary to qualified beginning farmers and ranchers under the down pay- ment loan program established under section 310E, if sufficient direct farm ownership loan funds are not otherwise available; and "(ii) beginning on September 1 of each fiscal year, Effective date, the Secretary shall use available unsubsidized guaranteed farm operating loan funds to provide direct farm ownership loans approved by the Secretary to qualified beginning farmers and ranchers, if sufficient direct farm ownership loan funds are not otherwise available. "(B) LIMITATION. — The Secretary shall limit the transfer of funds under subparagraph (A) so that all guaranteed farm operating loans that have been approved, or will be approved, by the Secretary during the fiscal year will be made to the extent of available amounts. " (4) TRANSFER FOR CREDIT SALES OF FARM INVENTORY PROP- ERTY.— "(A) IN GENERAL. —Notwithstanding subsection (a), subject to subparagraphs (B) and (C), beginning on September 1 of each fiscal year, the Secretary may use available funds made available under subtitle C for the fiscal year to fund the credit sale of farm real estate in the inventory of the Secretary. " (B) SUPPLEMENTAL APPROPRIATIONS.— The transfer authority provided under subparagraph (A) shall not apply to any funds made available to the Secretary for any fiscal year under an Act making supplemental appropriations. "(C) LIMITATION.— The Secretary shall limit the transfer of funds under subparagraph (A) so that all emergency disaster loans that have been approved, or will be approved,

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