Page:United States Statutes at Large Volume 116 Part 1.djvu/198

 116 STAT. 172 PUBLIC LAW 107-171—MAY 13, 2002 (3) The payment yield for the farm, (g) TIME FOR PAYMENTS.— (1) GENERAL RULE. —I f the Secretary determines under subsection (a) that counter-cyclical payments are required to be made under this section for a crop year, the Secretary shall make the counter-cyclical payments as soon as practicable after the end of the 12-month marketing year for the crop. (2) AVAILABILITY OF PARTIAL PAYMENTS. — If, before the end of the 12-month marketing year, the Secretary estimates that counter-cyclical payments will be required under this section for a crop year, the Secretary shall give producers on a farm (or, in the case of the 2002 crop year, historic peanut producers) the option to receive partial payments of the counter-cyclical payment projected to be made for that crop. (3) TIME FOR PARTL^L PAYMENTS. — (A) 2002 THROUGH 2006 CROP YEARS.—When the Secretary makes partial pa3anents available under paragraph (2) for any of the 2002 through 2006 crop years— (i) the first partial payment for the crop year shall be made not earlier than October 1, and, to the maximum extent practicable, not later than October 31, of the calendar year in which the crop is harvested; (ii) the second partial payment shall be made not earlier than February 1 of the next calendar year; and (iii) the final partial payment shall be made as soon as practicable after the end of the 12-month marketing year for that crop. (B) 2007 CROP YEAR.—When the Secretary makes partial pa3anents available for the 2007 crop year— (i) the first partial payment shall be made after completion of the first 6 months of the marketing year for that crop; and (ii) the final partial payment shall be made as soon as practicable after the end of the 12-month marketing year for that crop. (4) AMOUNT OF PARTIAL PAYMENTS. — (A) 2002 CROP YEAR.— (i) FIRST PARTIAL PAYMENT. — In the case of the 2002 crop year, the first partial payment under paragraph (3) to an historic peanut producer may not exceed 35 percent of the projected counter-cyclical pay- ment for the crop year, as determined by the Secretary. (ii) SECOND PARTL^L PAYMENT. — The second partial payment may not exceed the difference between— (I) 70 percent of the projected counter-cyclical payment (including any revision thereof) for the 2002 crop year; and (II) the amount of the payment made under clause (i). (iii) FINAL PAYMENT.—The final payment shall be equal to the difference between— (I) the actual counter-cyclical payment to be made to the historic peanut producer; and (II) the amount of the partial payments made to the historic peanut producer under clauses (i) and (ii).

�