Page:United States Statutes at Large Volume 122.djvu/1729

 12 2 STA T . 1 706PUBLIC LA W 110 – 2 4 6 —J U NE 1 8, 2008 ‘ ‘ (4)18.75centsp e r p ou n df orr aw cane su g arfort h e 20 11 crop y ear and ‘‘(5) 18.75 cents per pound for raw cane sugar for the 2012 crop year. ‘‘( b ) SUGARBE E TS . —T he Secretary sha l l m a k e loans a v a i lable to processors of domestically grown sugar beets at a rate e q ual to— ‘‘(1) 22. 9 cents per pound for refined beet sugar for the 2008 crop year; and ‘‘(2) a rate that is equal to 128.5 percent of the loan rate per pound of raw cane sugar for the applicable crop year under subsection (a) for each of the 2009 through 2012 crop years. ‘‘(c) TER MOFL OA N S.— ‘‘(1) I N GENERA L .— A loan under this section during any fiscal year shall be made available not earlier than the begin - ning of the fiscal year and shall mature at the earlier of— ‘‘(A) the end of the 9-month period beginning on the first day of the first month after the month in which the loan is made; or ‘‘(B) the end of the fiscal year in which the loan is made. ‘‘(2) SU P PLEMENTAL LOANS.—In the case of a loan made under this section in the last 3 months of a fiscal year , the processor may repledge the sugar as collateral for a second loan in the subsequent fiscal year, e x cept that the second loan shall— ‘‘(A) be made at the loan rate in effect at the time the first loan was made; and ‘‘(B) mature in 9 months less the quantity of time that the first loan was in effect. ‘‘(d) LOAN T Y PE; P RO C ESSOR ASSURANCES.— ‘‘(1) N ONRECOURSE LOANS.—The Secretary shall carry out this section through the use of nonrecourse loans. ‘‘(2) PROCESSOR ASSURANCES.— ‘‘(A) IN GENERAL.—The Secretary shall obtain from each processor that receives a loan under this section such assurances as the Secretary considers adequate to ensure that the processor will provide payments to producers that are proportional to the value of the loan received by the processor for the sugar beets and sugarcane delivered by producers to the processor. ‘‘(B) MI NIMUM PAYMENTS.— ‘‘(i) IN GENERAL.—Sub j ect to clause (ii), the Sec- retary may establish appropriate minimum payments for purposes of this paragraph. ‘‘(ii) LIMITATION.—In the case of sugar beets, the minimum payment established under clause (i) shall not exceed the rate of payment provided for under the applicable contract between a sugar beet producer and a sugar beet processor. ‘‘(3) A D MINISTRATION.—The Secretary may not impose or enforce any prenotification requirement, or similar administra- tive requirement not otherwise in effect on May 13, 2002, that has the effect of preventing a processor from electing to forfeit the loan collateral (of an acceptable grade and quality) on the maturity of the loan. ‘‘(e) LOANS FOR IN-PROCESS SUGAR.—

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