PUBLIC LAW 102-558—OCT. 28, 1992 106 STAT. 4205 "(B) if no ceiling price has been established, the higher of— "(i) the current domestic market price for such commodity; or "(ii) the minimum sale price established for agricultural commodities owned or controlled by the Commodity Credit Corporation, as provided in section 407 of the Agricultural Act of 1949. "(4) DELIVERY DATES. —No purchase or commitment to purchase any imported agriculturgd commodity shall specify a deHvery date which is more than 1 year after the expiration of this section. "(5) PRESIDENTIAX- DETERMINATIONS.—Except as provided in paragraph (7), the President may not execute a contract under this subsection unless the President determines that— "(A) the industrial resource or critical technology item is essential to the national defense; "(B) without Presidential action under the authority provided for in this section. United States industry cannot reasonably be expected to provide the capability for the needed industrial resource or critical technology item in a timely manner; "(C) purchases, purchase commitments, or other action pursuant to this section are the most cost-effective, expedient, and practical alternative method for meeting the need; and "(D) the combination of the United States national defense demand and foreseeable nondefense demand for the industrial resource or critical technology item is not less than the output of domestic industrial capability, as determined by the President, including the output to be established through the purchase, purchase commitment, or other action. "(6) IDENTIFICATION OF SHORTFALL.— "(A) IN GENERAL. —Except as provided in paragraph (7), the President shall take no action under this section unless the industrial resource shortfall which such action is intended to correct has been identified in the Budget of the United States, or amendments thereto, submitted to the Congress and accompanied by a statement from the President demonstrating that the budget submission is in accordance with the provisions of paragraph (5). "(B) TIMING OF ACTION.— Any such action may be taken only after 60 days have elapsed after such industrial resource shortfall has been identified pursuant to subparagraph (A). "(C) LIMITATION.— If the taking of any action or actions under this section to correct an industrial resource shortfall would cause the aggregate outstanding amount of all such actions for such industrial resource shortfall to exceed $50,000,000, any such action or actions may be taken only if specifically authorized by law. "(7) WAIVER. — The requirements of paragraphs (1) through (6) may be waived— "(A) during periods of national emergency declared by the Congress or the President; or
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