Page:United States Statutes at Large Volume 110 Part 1.djvu/935

 PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 911 (5) LIMITATION ON EXPENDITURES. — Total expenditures under this subsection shall not exceed $701,000,000 during fiscal years 1996 through 2002. (b) SPECIAL IMPORT QUOTA. — (1) ESTABLISHMENT.— The President shall carry out an President, import quota program that provides that, during the period ending July 31, 2003, whenever the Secretary determines and announces that for any consecutive 10-week period, the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling (M) 1%2-inch cotton, delivered C.I.F. Northern Europe, adjusted for the value of any certificates issued under subsection (a), exceeds the Northern Europe price by more than 1.25 cents per pound, there shall immediately be in effect a special import quota. (2) QUANTITY.—The quota shall be equal to 1 week's consumption of upland cotton by domestic mills at the seasonally adjusted average rate of the most recent 3 months for which data are available. (3) APPLICATION. —The quota shall apply to upland cotton purchased not later than 90 days after the date of the Secretary's announcement under paragraph (1) and entered into the United States not later than 180 days after the date. (4) OVERLAP.—^A special quota period may be established that overlaps any existing quota period if required by paragraph (1), except that a special quota period may not be established under this subsection if a quota period has been established ^ under subsection (c). (5) PREFERENTIAI. TARIFF TREATMENT.— The quantity under a special import quota shall be considered to be an in-quota quantity for purposes of— (A) section 213(d) of the Caribbean Basin Economic Recovery Act (19 U.S.C. 2703(d)); (B) section 204 of the Andean Trade Preference Act (19 U.S.C. 3203); (C) section 503(d) of the Trade Act of 1974 (19 U.S.C. 2463(d)); and (D) General Note 3(a)(iv) to the Harmonized Tariff Schedule. (6) DEFINITION.— In this subsection, the term "special import quota" means a quantity of imports that is not subject to the over-quota tariff rate of a tariff-rate quota. (c) LIMITED GLOBAL IMPORT QUOTA FOR UPLAND COTTON. — (1) IN GENERAL.— The President shall carry out an import President, quota program that provides that whenever the Secretary determines and announces that the average price of the base quality of upland cotton, as determined by the Secretary, in the designated spot markets for a month exceeded 130 percent of the average price of such quality of cotton in the markets for the preceding 36 months, notwithstanding any other provision of law, there shall immediately be in effect a limited global import quota subject to the following conditions: (A) QUANTITY.— The quantity of the quota shall be equal to 21 days of domestic mill consumption of upland cotton at the seasonally adjusted average rate of the most recent 3 months for which data are available. (B) QUANTH^ IF PRIOR QUOTA.— If a quota has been established under this subsection during the preceding 12

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