Page:United States Statutes at Large Volume 122.djvu/1014

 12 2 STA T .9 91 PUBLIC LA W 11 0– 2 34—M A Y 22, 200 8pounds,theS e cr et a r ym ay reduce the purchase pr i ces under para g raphs (1) and ( 2 )o f su b section (c) during the immediate l y follo w ing month by not more than 1 0 cents per pound . ( 3 ) CHE E S E INV EN TOR IESINE XC ESS O F40 0,000,000 P O U N D S. —I f net remo v als for a period of 12 consecutive months e x ceed 4 00,000,000 pounds of cheese, the Secretary may reduce the purchase prices under paragraphs (1) and (2) of subsection (c) during the immediately following month by not more than 20 cents per pound. (4) B UTTER INVENTORIES IN EXCESS OF 4 5 0,000,000 POUNDS.— If net removals for a period of 12 consecutive months exceed 4 5 0,000,000 pounds of butter, but do not exceed 6 50,000,000 pounds, the Secretary may reduce the purchase price under subsection (c)(3) during the immediately following month by not more than 10 cents per pound. (5) BUTTER INVENTORIES IN EXCESS OF 6 50,000,000 POUNDS.— If net removals for a period of 12 consecutive months exceed 650,000,000 pounds of butter, the Secretary may reduce the purchase price under subsection (c)(3) during the immediately following month by not more than 20 cents per pound. (6) N ONF A TDR YM I LK INVENTORIES IN EXCESS OF 600,000,000 POUNDS.—If net removals for a period of 12 consecutive months exceed 600,000,000 pounds of nonfat dry mil k , but do not exceed 8 00,000,000 pounds, the Secretary may reduce the purchase price under subsection (c)(4) during the immediately following month by not more than 5 cents per pound. ( 7 ) NONFAT DRY MILK INVENTORIES IN EXCESS OF 8 00,000,000 POUNDS.—If net removals for a period of 12 consecutive months exceed 800,000,000 pounds of nonfat dry milk, the Secretary may reduce the purchase price under subsection (c)(4) during the immediately following month by not more than 10 cents per pound. (e) U NIFORM P URCHASE PRICE.— T he prices that the Secretary pays for cheese, butter, or nonfat dry milk, respectively, under subsection (b) shall be uniform for all regions of the United States. (f) SALES F ROM INVENTORIES.—In the case of each commodity specified in subsection (c) that is available for unrestricted use in the inventory of the Commodity Credit Corporation, the Secretary may sell the commodity at the market prices prevailing for that commodity at the time of sale, except that the sale price may not be less than 110 percent of the minimum purchase price speci - fied in subsection (c) for that commodity. SEC.1502 . DAIRYFO R W ARD P RICI NG PROGRA M . (a) PRO G RAM R E Q UIRED.—The Secretary shall establish a pro- gram under which milk producers and cooperative associations of producers are authori z ed to voluntarily enter into forward price contracts with milk handlers. (b) M INIMUM MILK PRICE REQUIREMENTS.—Payments made by milk handlers to milk producers and cooperative associations of producers, and prices received by milk producers and cooperative associations, in accordance with the terms of a forward price con- tract authorized by subsection (a), shall be treated as satisfying— (1) all uniform and minimum milk price re q uirements of subparagraphs (B) and (F) of paragraph (5) of section 8c of the A gricultural Ad j ustment Act (7 U.S.C. 608c), reenacted 7USC8 77 2.

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