Page:United States Statutes at Large Volume 116 Part 1.djvu/188

 116 STAT. 162 PUBLIC LAW 107-171—MAY 13, 2002 transferred to other persons in accordance with regulations issued by the Secretary. (4) DELAYED APPLICATION OF THRESHOLD. — Through July 31, 2006, the Secretary shall make the calculations under paragraphs (1)(A) and (2) without regard to the 1.25 cent threshold provided under those paragraphs. (b) SPECIAL IMPORT QUOTA.— (1) ESTABLISHMENT.— (A) IN GENERAL.— The President shall carry out an import quota program during the period beginning on the date of the enactment of this Act through July 31, 2008, 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) l%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 thei 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.I.F. 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. (E) DELAYED APPLICATION OF THRESHOLD.— Through July 31, 2006, the Secretary shall make the calculation under subparagraph (B) without regard to the 1.25 cent threshold provided under that subparagraph. (2) QUANTITY.— The quota shall be equal to one week's consumption of upland cotton by domestic mills at the seasonally adjusted average rate of the most recent three months for which data are available. Deadlines. (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).

�