Page:United States Statutes at Large Volume 122.djvu/1716

 12 2 STA T . 1 693PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 fe e dlot, feed mi ll, di s tille ry ,orot h er simil a re n tity a p pro v ed b y the S e c retary, p u rsuant to re g ulations issued by the Secretary or ( ii ) field or other physical measurements of the standing or stored crop in regions of the U nited States, as determined by the Secretary, that do not have cer - tified commercial scales from w hich certified scale tic k ets may be obtained within reasonable pro x imity of harvest operation; ( C ) certify that they were the owners of the feed grain at the time of delivery to, and that the q uantity to be placed under loan under this subsection was in fact har- vested on the farm and delivered to, a feedlot, feed mill, or commercial or on-farm high-moisture storage facility, or to a facility maintained by the users of corn and grain sorghum in a high moisture state; and ( D ) comply with deadlines established by the Secretary for harvesting the corn or grain sorghum and submit applications for loans under this subsection within dead- lines established by the Secretary . ( 3 ) ELIG I B ILI TYOFACQU I RED FEED GRAI NS . —A loan under this subsection shall be made on a quantity of corn or grain sorghum of the same crop acquired by the producer equivalent to a quantity determined by multiplying— (A) the acreage of the corn or grain sorghum in a high moisture state harvested on the producer ’ s farm; by ( B ) the lower of the farm program payment yield used to make counter-cyclical payments under subtitle A or the actual yield on a field, as determined by the Secretary, that is similar to the field from which the corn or grain sorghum was obtained. (b) R ECOURSE L OANS A V AILABLE FOR SEED COTTON.— F or each of the 20 0 8 through 20 1 2 crops of upland cotton and extra long staple cotton, the Secretary shall make available recourse seed cotton loans, as determined by the Secretary, on any production. (c) RE P AY M ENT RATES.—Repayment of a recourse loan made under this section shall be at the loan rate established for the commodity by the Secretary, plus interest (determined in accordance with section 1 6 3 of the Federal Agriculture I mprovement and Reform Act of 1 9 96( 7 U.S.C. 7283)). SEC.12 1 0 . ADJU S TM E N TS OFL OANS. (a) AD J USTMENT AUT H ORITY.—Sub j ect to subsection (e), the Sec- retary may make appropriate adjustments in the loan rates for any loan commodity (other than cotton) for differences in grade, type, quality, location, and other factors. (b) M ANNER OF ADJUSTMENT.— T he adjustments under sub- section (a) shall, to the maximum extent practicable, be made in such a manner that the average loan level for the commodity will, on the basis of the anticipated incidence of the factors, be equal to the level of support determined in accordance with this subtitle and subtitles B through E. (c) ADJUSTMENT ON COUNTY BASIS.— (1) IN GENERAL.—The Secretary may establish loan rates for a crop for producers in individual counties in a manner that results in the lowest loan rate being 9 5 percent of the 7USC8 7 40. C ertif i ca ti on .

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