Page:United States Statutes at Large Volume 99 Part 2.djvu/319

 PUBLIC LAW 99-198—DEC. 23, 1985

99 STAT. 1429

"(ID producers who have produced rice that is not eligible to Contracts. be placed under loan and have not sold or delivered such rice under a sales contract, "(ii) A payment under this subparagraph shall be computed by multiplying— "(I) the loan payment rate; by "(II) the quantity of rice the producer has not sold or deliv- Contracts. ered under a sales contract, "(iii) For purposes of this subparagraph, the loan payment rate shall be the amount by which— "(I) the loan level determined for the 1985 crop; exceeds "(II) the level at which a loan may be repaid under subparagraph (B). "(iv) The Secretary may make all or part of a payment under this subparagraph in the form of negotiable marketing certificates, subject to the terms and conditions provided in subparagraph (B). "(D) The payment limitation provided in section 1101 of the Prohibition. Agriculture and Food Act of 1981 (7 U.S.C. 1308) shall not apply to— "(i) any gain realized by a producer from repaying a loan for the 1985 crop of rice at the rate permitted under subparagraph (B); or "(ii) any payment received for a crop of rice under subparagraph (C).". MARKETING CERTIFICATES

SEC. 603. (a) Notwithstanding any other provision of law, whenever, during the period beginning August 1, 1986, and ending July 31, 1991, the world price for a class of rice (adjusted to United States qualities and location), as determined by the Secretary of Agriculture, is below the current loan repayment rate for that class of rice, to make United States rice competitive in world markets and to maintain and expand exports of rice produced in the United States, the Commodity Credit Corporation, under such regulations as the Secretary may prescribe, shall make payments, through the issuance of negotiable marketing certificates, to persons who have entered into an agreement with the Commodity Credit Corporation to participate in the program established under this section. Such payments shall be made in such monetary amounts and subject to such terms and conditions as the Secretary determines will make rice produced in the United States available at competitive prices consistent with the purposes of this section, including such payments as may be necessary to make rice in inventory on August 1, 1986, available on the same basis. (b) The value of each certificate issued under subsection (a) shall be based on the difference between— (1) the loan repayment rate for the class of rice; and (2) the prevailing world market price for the class of rice, as determined by the Secretary of Agriculture under a published f formula submitted for public comment before its adoption. (c) The Commodity Credit Corporation, under regulations prescribed by the Secretary of Agriculture, may assist any person receiving marketing certificates under this section in the redemption of certificates for cash, or marketing or exchange of such certificates for (1) rice owned by the Commodity Credit Corporation or (2) (if the Secretary and the person agree) other agricultural commodities or the products thereof owned by the Commodity Credit Corporation, at such times, in such manner, and at such price

7 USC I44i-ia.

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Regulations.

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