Page:United States Statutes at Large Volume 114 Part 1.djvu/459

 PUBLIC LAW 106-224—JUNE 20, 2000 114 STAT. 423 (7) The distribution of information regarding the risk and control of bovine tuberculosis, including technological improvements to enhance communication. SEC. 253. EMERGENCY LOANS FOR SEED PRODUCERS. (a) IN GENERAL. —Of the amount made available under section 261(a)(2), the Secretary shall use $35,000,000, plus $200,000 for payment of administrative costs, to make no-interest loans to producers of the 1999 crop of grass, forage, vegetable, and sorghum seed that have not received payments from AgriBiotech for the seed as a result of bankruptcy proceedings involving AgriBiotech (referred to in this section as the '^bankruptcy proceedings"). (b) LOANS.— (1) IN GENERAL. —The amount of the loan made to a seed producer under this section shall be not more than 65 percent of the amoiuit owed by AgriBiotech to the seed producer for the 1999 seed crop, as determined by the Secretary. (2) ELIGIBILITY.—To be eligible for a loan under this section, the claim of a seed producer in the bankruptcy proceedings must have arisen from a contract to grow seeds in the United States. (3) CONTROL.—In determining the amount owed by AgriBiotech to a seed producer under paragraph (1), the Secretary shall consider whether the seed producer has relinquished control of the seed to AgriBiotech or has the seed in inventory waiting to be sold. (4) SECURITY. —^A loan to a seed producer under this section shall be secured in part by the claim of the seed producer in the bankruptcy proceedings. (5) REPAYMENT.— Each seed producer shall repay to the Secretary, for deposit in the Treasury, the amount of the loan made to the seed producer on the earlier of— (A) the date of settlement of, completion of, or final distribution of assets in the bankruptcy proceedings involving AgriBiotech; or (B) the date that is 18 months after the date on which the login was made to the seed producer. (c) ADDITIONAL TERMS. — (1) SHORTFALL IN AMOUNT RECEIVED FROM BANKRUPTCY PROCEEDINGS. —I f the amoiuit that the seed producer receives as a result of the proceedings described in subsection (b)(5)(A) is less than the amount of the loan made to the seed producer under subsection (b)(1), the seed producer shall be eligible to have the baleince of the loan converted, but not refinanced, to a loan that has the same terms and conditions as an operating loan under subtitle B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1941 et seq.). (2) LENGTHY BANKRUPTCY PROCEEDINGS.— If a seed producer is required to repay a loan under subsection (b)(5)(B), the seed producer shall be eligible to have the balance of the loan converted, but not refinanced, to a loan that has the same terms and conditions as an operating loan under subtitle B of the Consolidated Feirm and Rural Development Act (7 U.S.C. 1941 et seq.). (d) LIMITATION. —The cost of all loans made tmder this section shall not exceed $15,000,000.

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