Page:United States Statutes at Large Volume 116 Part 1.djvu/213

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 187 "(i) SUBSTITUTION OF REFINED SUGAR.— For purposes of Additional U.S. Note 6 to chapter 17 of the Harmonized Tariff Schedule of the United States and the reexport programs and polyhydric alcohol program administered by the Secretary, all refined sugars (whether derived from sugar beets or sugarcane) produced by cane sugar refineries and beet sugar processors shall be fully substitutable for the export of sugar and sugar-containing products under those programs. "(j) EFFECTIVE PERIOD.—This section shall be effective only for the 1996 through 2007 crops of sugar beets and sugarcane.". (b) EFFECTIVE DATE OF ASSESSMENT TERMINATION. —Subsection i use 7272 note, (f) of section 156 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7272(f)), as in effect immediately before the enactment of the Farm Security and Rural Investment Act of 2002, is deemed to have been repealed effective as of October 1, 2001. (c) INTEREST RATE. —Section 163 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7283) is amended— (1) by inserting "(a) IN GENERAL.— " before "Notwithstanding"; and -^ (2) by adding at the end the following: "(b) SUGAR.— For purposes of this section, raw cane sugar, refined beet sugar, and in-process sugar eligible for a loan under section 156 shall not be considered an agricultural commodity.". SEC. 1402. STORAGE FACILITY LOANS. 7 USC 7971. (a) IN GENERAL.— Notwithstanding any other provision of law and as soon as practicable after the date of enactment of this Act, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars. (b) ELIGIBLE PROCESSORS.—^A storage facility loan described in subsection (a) shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)— (1) has a satisfactory credit history; (2) has a need for increased storage capacity, taking into account the effects of marketing allotments; and (3) demonstrates an ability to repay the loan. (c) TERM OF LOANS.—A storage facility loan described in subsection (a) shall— (1) have a minimum term of 7 years; and (2) be in such amounts and on such terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower. SEC. 1403. FLEXIBLE MARKETING ALLOTMENTS FOR SUGAR, Part VII of subtitle B of title III of the Agricultural Adjustment Act of 1938 (7 U.S.C. 359aa et seq.) is amended to read as follows:

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