Page:United States Statutes at Large Volume 99 Part 2.djvu/274

 99 STAT. 1384 Prohibition.

PUBLIC LAW 99-198—DEC. 23, 1985

"(C) Any reduction in the loan and purchase level for wheat under this paragraph shall not be considered in determining the loan and purchase level for wheat for subsequent years. "(5)(A) The Secretary may permit a producer to repay a loan made under paragraph (1) for a crop at a level that is the lesser of^ "(i) the loan level determined for such crop; or .. "(ii) the higher of— - • "(I) 70 percent of such level; 'if "(II) if the loan level for a crop was reduced under •";,' paragraph (4), 70 percent of the loan level that would have ~' been in effect but for the reduction under paragraph (4); or "(III) the prevailing world market price for wheat, as determined by the Secretary. Regulations. "(B) If the Secretary permits a producer to repay a loan in accordance with subparagraph (A), the Secretary shall prescribe by regulation— "(i) a formula to define the prevailing world market price for wheat; and "(ii) a mechanism by which the Secretary shall announce periodically the prevailing world market price for wheat. "(6) For purposes of this section, the simple average price received by producers for the immediately preceding marketing year shall be based on the latest information available to the Secretary at the time of the determination. "(b)(1) The Secretary may, for each of the 1986 through 1990 crops of wheat, make payments aveiilable to producers who, although eligible to obtain a loan or purchase agreement under subsection (a), agree to forgo obtaining such loan or agreement in return for such payments. "(2) A payment under this subsection shall be computed by multiplying— , "(A) the loan payment rate; by "(B) the quantity of wheat the producer is eligible to place under loan. Prohibition. "(3) For purposes of this subsection, the quantity of wheat eligible to be placed under loan may not exceed the product obtained by multiplying— "(A) the individual farm program acreage for the crop; by "(B) the farm program payment jrield established for the farm. "(4) For purposes of this subsection, the loan payment rate shall be the amount by which— "(A) the loan level determined for such crop under subsection (a); exceeds "(B) the level at which a loan may be repaid under subsection (a). "(c)(l)(A) The Secretary shall make available to producers payments for each of the 1986 through 1990 crops of wheat in an amount computed by multiplying— "(i) the payment rate; by "(ii) the individual farm program acreage for the crop; by "(iii) the farm program payment yield for the crop for the farm. Prohibition. "(B) Payments for any such crop for which marketing quotas are in effect shall not exceed an amount equal to the payment rate multiplied by the farm marketing quota.

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