Page:United States Statutes at Large Volume 122.djvu/965

 12 2 STA T .94 2 PUBLIC LA W 11 0– 2 3 4 —M A Y 22, 200 8(A)OPTION.— ( i ) I N GE NE RAL .—A t t heop tio n o f the p r o duc er s on a far m, the S ecretar y sha l lpayinad v ance up to 2 2 percent of the direct payment for a covered com - modity for any of the 2 0 0 8 throu g h20 1 1 crop years to the producers on a farm. (ii) 2008 C ROP Y EAR.—If the producers on a farm elect to receive advance direct payments under clause (i) for a covered commodity for the 2008 crop year, as soon as practica b le after the election, the Secretary shall ma k e the advance direct payment to the pro- ducers on the farm. ( B ) M ONT H .— (i) SELECTION.—Sub j ect to clauses (ii) and (iii), the producers on a farm shall select the month during w hich the advance payment for a crop year will be made. (ii) OPTION 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 the covered commodity is harvested and (II) ending during the month within which the direct payment would otherwise be made. (iii) C HANGE.—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 EPAY M 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.1 1 04 . AV A IL A B ILI TYOF CO UN TE R- CYCLICAL P AY M ENTS. (a) P AYMENT RE QU IRED.— E xcept as provided in section 110 5, for each of the 2008 through 2012 crop years for each covered commodity, the Secretary shall make counter-cyclical payments to producers on farms for which payment yields and base acres are established with respect to the covered commodity if the Secretary determines that the effective price for the covered commodity is less than the target price for the covered commodity. (b) EFFECTIVE PRICE.— (1) COVERED COMMODITIES OTHER THAN RICE.—Except as provided in paragraph (2), for purposes of subsection (a), the effective price for a covered commodity is equal to the sum of the following

(A) The higher of the following: (i) The national average market price received by producers during the 12-month marketing year for the covered commodity, as determined by the Secretary. (ii) The national average loan rate for a marketing assistance loan for the covered commodity in effect for the applicable period under subtitle B. 7USC8 7 14.

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