Page:United States Statutes at Large Volume 110 Part 1.djvu/955

 PUBLIC LAW 104-127—APR. 4, 1996 110 STAT. 931 SEC. 156. SUGAR PROGRAM. 7 USC 7272. (a) SUGARCANE.— The Secretary shall make loans available to processors of domestically grown sugarcane at a rate equal to 18 cents per pound for raw cane sugar. (b) SUGAR BEETS. — The Secretary shall make loans available to processors of domestically grown sugar beets at a rate equal to 22.9 cents per pound for refined beet sugar. (c) REDUCTION IN LO;\N RATES. — (1) REDUCTION REQUIRED. —The Secretary shall reduce the loan rate specified in subsection (a) for domestically grown sugarcane and subsection (b) for domestically grown sugar beets if the Secretary determines that negotiated reductions in export subsidies and domestic subsidies provided for sugar of other major sugar growing, producing, and exporting countries in the aggregate exceed the commitments made as part of the Agreement on Agriculture. (2) EXTENT OF REDUCTION. —The Secretary shall not reduce the loan rate under subsection (a) or (b) below a rate that provides an equal measure of support to that provided by other major sugar growing, producing, and exporting countries, based on an examination of both domestic and export subsidies subject to reduction in the Agreement on Agriculture. (3) ANNOUNCEMENT OF REDUCTION.—The Secretary shall announce any loan rate reduction to be made under this subsection as far in advance as is practicable. (4) DEFINITIONS.— In this subsection: (A) AGREEMENT ON AGRICULTURE. — The term "Agreement on Agriculture" means the Agreement on Agriculture referred to in section 101(d)(2) of the Uruguay Round Agreements Act (19 U.S.C. 3511(d)(2)). (B) MAJOR SUGAR COUNTRIES. —The term "major sugar growing, producing, and exporting countries" means— (i) the countries of the European Union; and (ii) the 10 foreign countries not covered by subparagraph (A) that the Secretary determines produce the greatest quantity of sugar. (d) TERM OF LOANS. — (1) IN GENERAL.—^A loan under this section during any fiscal year shall be made available not earlier than the beginning of the fiscal year and shall mature at the earlier of— (A) the end of the 9-month period beginning on the first day of the first month after the month in which the loan is made; or (B) the end of the fiscal year in which the loan is made. (2) SUPPLEMENTAL LOANS. —In the case of a loan made under this section in the last 3 months of a fiscal year, the processor may repledge the sugar as collateral for a second loan in the subsequent fiscal year, except that the second loan shall— (A) be made at the loan rate in effect at the time the second loan is made; and (B) mature in 9 months less the quantity of time that the first loan was in effect. (e) LOAN TYPE; PROCESSOR ASSURANCES.—

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