Page:United States Statutes at Large Volume 122.djvu/1722

 12 2 STA T . 1 69 9 PUBLIC LA W 11 0– 2 4 6 —J U NE 1 8, 2008 (i)forpeanuts for t h e 20 0 8c rop y ear , as soon as practica bl e after the election, the S ecretary shall m a k e the a dv ance direct payment to the producers on the farm . ( B ) MONTH . — (i) S EL E C T I ON.—Sub j ect to clauses (ii) and (iii), the producers on a farm shall select the month durin gw hich the advance payment for a crop year will be made. (ii) OP TION S .— T he month selected may be any month during the period— ( I ) beginning on D ecember 1 of the calendar year before the calendar year in which the crop of peanuts is harvested and (II) ending during the month within which the direct payment would otherwise be made. (iii) C H A N G E.—The producers on a farm may change the selected month for a subse q uent advance payment by providing advance notice to the Secretary. ( 3 ) R EPA YM ENT O F A DV ANCE PAYMENTS.—If a producer on a farm that receives an advance direct payment for a crop year ceases to be a producer on that farm, or the e x tent 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 . AV A IL A B ILI TYOF CO UN TE R- CYCLICAL P AY M ENTS FOR PEA- NUTS. (a) P AYMENT RE QU I R ED.— E xcept as provided in section 110 5, for each of the 2008 through 2012 crop years for peanuts, the Secretary shall make counter - cyclical payments to producers on farms for which payment yields and base acres for peanuts are established if the Secretary determines that the effective price for peanuts is less than the target price for peanuts. (b) EFFECTIVE PRICE.— F or purposes of subsection (a), the effec- tive 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 for peanuts 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 $49 5 per ton. (d) PAYMENT RATE.—The payment rate used to make counter- cyclical payments for a crop year shall be equal to the difference between— (1) the target price for peanuts; and (2) the effective price determined under subsection (b) for peanuts. (e) PAYMENT AMOUNT.—If counter-cyclical payments are required to be paid for any of the 2008 through 2012 crops of 7USC8 7 54.

�