Page:United States Statutes at Large Volume 115 Part 1.djvu/764

 115 STAT. 742 PUBLIC LAW 107-76—NOV. 28, 2001 boarding, raising, training, or selling horses, during the shorter of— (A) the 5-year period ending on January 1, 2001; or (B) the period the person has been engaged in such business. (2) LOAN AUTHORIZATION. — The Secretary shall make loans to eligible horse breeders to assist the horse breeders for losses suffered as a result of mare reproductive loss syndrome. (3) ELIGIBILITY. —^A horse breeder shall be eligible for a loan under this subsection if the Secretary determines that, as a result of mare reproductive loss s3Tidrome— (A) during the period beginning January 1 and ending October 1 of any of calendar years 2000, 2001, or 2002— (i) 30 percent or more of the mares owned by the horse breeder failed to conceive, miscarried, aborted, or otherwise failed to produce a live healthy foal; or (ii) 30 percent or more of the mares boarded on a farm owned, operated, or leased by the horse breeder failed to conceive, miscarried, aborted, or otherwise failed to produce a live healthy foal; (B) the horse breeder is unable to meet the financial obligations, or pay the ordinary and necessary expenses, of the horse breeder incurred in connection with breeding, boarding, raising, training, or selling horses; and (C) the horse breeder is not able to obtain sufficient credit elsewhere, in accordance with subtitle C of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961 et seq.). (4) AMOUNT. — (A) IN GENERAL.— Subject to subparagraph (B), the amount of a loan made to a horse breeder under this subsection shall be determined by the Secretary on the basis of the amount of losses suffered by the horse breeder, and the financial needs of the horse breeder, as a result of mare reproductive loss syndrome. (B) MAXIMUM AMOUNT.—The amount of a loan made to a horse breeder under this subsection shall not exceed the maximum amount of an emergency loan under section 324(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1964(a)). (5) TERM. — (A) IN GENERAL. —Subject to subparagraph (B), the term for repayment of a loan made to a horse breeder under this subsection shall be determined by the Secretary based on the ability of the horse breeder to repay the loan. (B) MAXIMUM TERM.— The term of a loan made to a horse breeder under this subsection shall not exceed 20 years. (6) INTEREST RATE.— The interest rate for a loan made to a horse breeder under this subsection shall be the interest rate for emergency loans prescribed under section 324(b)(1) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1964(b)(1)). (7) SECURITY.— ^A loan to a horse breeder under this subsection shall be made on the security required for emergency

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