Page:United States Statutes at Large Volume 113 Part 2.djvu/160

 113 STAT. 1180 PUBLIC LAW 106-78—OCT. 22, 1999 (1) in paragraph (1), by striking "or cash pa)Tnents" and inserting "or cash payments, at the option of the recipient,"; (2) by striking "3 cents per pound" each place it appears and inserting "1.25 cents per pound"; (3) in paragraph (3)— (A) in the first sentence of subparagraph (A), by striking "owned by the Commodity Credit Corporation in such manner, and at such price levels, as the Secretary determines will best effectuate the purposes of cotton user marketing certificates" and inserting "owned by the Commodity Credit Corporation or pledged to the Commodity Credit Corporation as collateral for a loan in such manner, and at such price levels, as the Secretary determines will best effectuate the purposes of cotton user marketing certificates, including enhancing the competitiveness and marketability of United States cotton"; and (B) in subparagraph (B), by striking the second sentence; and (4) by striking paragraph (4). (b) ENSURING THE AVAILABILITY OF UPLAND COTTON. —Section 136(b) of the Agricultural Market Transition Act (7 U.S.C. 7236(b)) is amended— (1) by striking paragraph (1) and inserting the following: " (1) ESTABLISHMENT. — President. "(A) IN GENERAL. —The President shall carry out an import quota program during the period ending July 31, 2003, as provided in this subsection. "(B) PROGRAM REQUIREMENTS.— Except as provided in subparagraph (C), whenever the Secretary determines and announces that for any consecutive 4-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 certificate 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. "(C) TIGHT DOMESTIC SUPPLY.—During any month for which the Secretary estimates the season-ending United States upland cotton stocks-to-use ratio, as determined under subparagraph (D), to be below 16 percent, the Secretary, in making the determination under subparagraph (B), shall not adjust 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.LF. Northern Europe, for the value of any certificates issued under subsection (a). " (D) SEASON-ENDING UNITED STATES STOCKS-TO-USE RATIO.— For the purposes of making estimates under subparagraph (C), the Secretary shall, on a monthly basis, estimate and report the season-ending United States upland cotton stocks-to-use ratio, excluding projected raw cotton imports but including the quantity of raw cotton that has been imported into the United States during the marketing year."; and (2) by adding at the end the following:

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