Page:United States Statutes at Large Volume 78.djvu/217

 78 STAT. ]

PUBLIC LAW 88-297-APR. 11, 1964

175

ning thirty days after its issuance and ending with the date of its presentation for redemption shall be deducted from the value of the certificate." 10 54. (c) Section 401(b) of the Agricultural Act of 1949, as amended, 63uStat. 1421. 7 se is amended by striking in the second sentence thereof before " (8) " the word "and", changing the period at the end thereof to a comma and adding the following: "and (9), in the case of upland cotton, changes in the cost of producing such cotton". Sale SEC. 104. Section 407 of the Agricultural Act of 1949, as amended, ities. of commodis amended by inserting after the first proviso in the third sentence "VStat. 993 thereof the following: '•'• Provided further, That beginning August 1, ^ "^^ ^427. 1964, the Commodity Credit Corporation may sell upland cotton for unrestricted use at not less than 105 per centum of the current loan rate for such cotton under section 103(a) plus reasonable carrying ^"'e, p. 174. charges:". SEC. 105. The Agricultural Adjustment Act of 1938, as amended, "us^c'uVi is amended by adding a new section as follows: "SEC. 350. I n order to provide producers with a choice program of Acreage aiiotreduced acreage and higher price support, the Secretary shall estab- "'^^ * lish for each farm for the 1964 and 1965 crops of upland cotton a farm domestic allotment in acres. The farm domestic allotment shall be the percentage which the national domestic allotment is of the national acreage allotment established under section 344(a) applied ^^ ^^^' ^^°* as a percentage of the smaller of (1) the farm acreage allotment established under section 344, or (2) the higher acreage actually planted or regarded as planted on the farm (excluding acreage regarded as planted under sections 344(m)(2) and 377) in the two ^^^ ^'^*- 394, years preceding the year for which such allotment is established: 7 USC 1344, Provided, That any farm planting 90 per centum or more of the 13^7. allotment shall, for the purpose of (2) above, be considered as having planted the entire farm allotment: Provided further, That, except for farms the acreage allotments of which are reduced under section 344(m), the farm domestic allotment shall not be less than the smaller of 15 acres or the farm acreage allotment established under section 344, but this proviso shall be applicable to the 1964 crop without regard to the exception stated herein. The national domestic acreage allotment for any crop shall be that acreage, based upon the national average yield per acre of cotton for the four years immediately preceding the calendar year in which the national acreage allotment is proclaimed, required to make available from such crop an amount of upland cotton equal to the estimated domestic consumption for the marketing year for such crop. The Secretary shall proclaim the national domestic acreage allotment for the 1964 crop not later than April 1, 1964, and for each subsequent crop not later than December 15 of the calendar year preceding the year in which the crop is to be produced." SEC. 106. The Agricultural Adjustment Act of 1938, as amended, is l\f}n\ ^h amended as loilows: (1) The following new section is added to the Act: "SEC. 349. (a) The acreage allotment established under the pro- ac^e'^rge! ""^^^^ visions of section 344 of this Act for each farm for the 1964 crop may be supplemented by the Secretary by an acreage equal to such percentage, but not more than 10 per centum, of such acreage allotment as he determines will not increase the carryover of upland cotton at the beginning of the marketing year for the next succeeding crop above one million bales less than the carryover on the same date one year earlier, if the carryover on such earlier date exceeds eight million bales. For the 1965 crop, the Secretary may, after such hearing and investigation as he finds necessary, announce an export market acreage which

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