Page:United States Statutes at Large Volume 116 Part 1.djvu/197

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 171 year ceases to be a producer on that farm, or the extent to which the producer shares in the risk of producing a crop changes, before the date the remainder of the direct payment is made, the producer shall be responsible for repaying the Secretary the applicable amount of the advance payment, as determined by the Secretary. SEC. 1304. AVAILABILITY OF COUNTER-CYCLICAL PAYMENTS FOR PEA- 7 USC 7954. NUTS. (a) PAYMENT REQUIRED.— (1) IN GENERAL.—During the 2002 through 2007 crop years for peanuts, the Secretary shall make counter-cyclical payments under this section with respect to peanuts if the Secretary determines that the effective price for peanuts is less than the target price for peanuts. (2) 2002 CROP YEAR. — If counter-cyclical payments are required for the 2002 crop year, the Secretary shall make the payments to historic peanut producers. (3) SUBSEQUENT CROP YEARS.— I f counter-cyclical payments are required for any of the 2003 through 2007 crop years for peanuts, the Secretary shall make the payments to the producers on a farm to which a payment yield and base acres for peanuts are assigned under section 1302. (b) EFFECTIVE PRICE.— For purposes of subsection (a), the effective price for peanuts is equal to the sum of the following: (1) The higher of the following: (A) The national average market price for peanuts received by producers during the 12-month marketing year for peanuts, as determined by the Secretary. (B) The national average loan rate for a marketing assistance loan for peanuts in effect for the applicable period under this subtitle. (2) The payment rate in effect under section 1303 for the purpose of making direct payments. (c) TARGET PRICE. —For purposes of subsection (a), the target price for peanuts shall be equal to $495 per ton. (d) PAYMENT RATE. —The payment rate used to make countercyclical payments for a crop year shall be equal to the difference between— (1) the target price; and (2) the effective price determined under subsection (b). (e) PAYMENT AMOUNT FOR 2002 CROP YEAR.— If counter-cyclical payments are required to be paid for the 2002 crop of peanuts, the amount of the counter-cyclical payment to be paid to an historic peanut producer for that crop year shall be equal to the product of the following: (1) The payment rate specified in subsection (d). (2) The payment acres of the historic peanut producer. (3) The average peanut yield determined under section 1302(a)(1) for the historic peanut producer. (f) PAYMENT AMOUNT FOR SUBSEQUENT CROP YEARS.—I f counter-cyclical payments are required to be paid for any of the 2003 through 2007 crops of peanuts, the amount of the countercyclical payment to be paid to the producers on a farm for that crop year shall be equal to the product of the following: (1) The payment rate specified in subsection (d). (2) The payment acres on the farm.

�