12 2 STA T .98 9 PUBLIC LA W 11 0– 2 34—M A Y 22 , 2008 inter n a ti o na l tra d ea g ree m ent s t h at ha v e b een a p proved b yC ongress .‘ ‘ (2)EXCEPTION . —P aragraph ( 1 ) shall not apply to spe c ialty s u gar. ‘‘(b) ADJUS T M ENT.— ‘‘(1) B E F O R E A PRI L1 .—Be f ore April 1 of each fiscal year , if there is an emergency shortage of sugar in the U nited S tates mar k et that is caused by a w ar, flood, hurricane, or other natural disaster, or other similar event as determined by the Secretary— ‘‘(A) the Secretary shall take action to increase the supply of sugar in accordance with sections 359 c(b)(2) and 359e(b), including an increase in the tariff - rate q uota for raw cane sugar to accommodate the reassignment to imports
and ‘‘(B) if there is still a shortage of sugar in the United States market, and marketing of domestic sugar has been ma x imi z ed, and domestic raw cane sugar refining capacity has been maximized, the Secretary may increase the tariff- rate quota for refined sugars sufficient to accommodate the supply increase, if the further increase will not threaten to result in the forfeiture of sugar pledged as collateral for a loan under section 15 6 of the F ederal Agriculture I mprovement and R eform Act of 1996 ( 7 U.S.C. 7272). ‘‘(2) O N OR AFTER APRIL 1.—On or after April 1 of each fiscal year— ‘‘(A) the Secretary may take action to increase the supply of sugar in accordance with sections 359c(b)(2) and 359e(b), including an increase in the tariff-rate quota for raw cane sugar to accommodate the reassignment to imports; and ‘‘(B) if there is still a shortage of sugar in the United States market, and marketing of domestic sugar has been maximized, the Secretary may increase the tariff-rate quota for raw cane sugar if the further increase will not threaten to result in the forfeiture of sugar pledged as collateral for a loan under section 156 of the Federal Agriculture Improvement and Reform Act of 1996 (7 U.S.C. 7272). ’ ’. (k) PERIOD OF EFFECTI V ENESS.—Part V II of subtitle B of title III of the Agricultural Ad j ustment Act of 193 8 (7 U.S.C. 1359aa) (as amended by subsection (j)) is amended by adding at the end the following
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‘ SEC.359l . P E RIOD O F EFFEC T I V E N ESS. ‘‘(a) IN G ENERAL.— T his part shall be effective only for the 2 0 08 through 2012 crop years for sugar. ‘‘(b) TRANSITION.—The Secretary shall administer flexible mar- keting allotments for sugar for the 2007 crop year for sugar on the terms and conditions provided in this part as in effect on the day before the date of enactment of this section.’’. SEC. 140 4. STOR AG E FACI L IT Y LOANS. Section 1 4 02(c) of the Farm Security and Rural Investment Act of 2002 (7 U.S.C. 7971(c)) is amended— (1) in paragraph (1), by striking ‘‘and’’ at the end; (2) by redesignating paragraph (2) as paragraph (3); (3) by inserting after paragraph (1) the following: ‘‘(2) not include any penalty for prepayment; and’’; and 7USC1359l l .Deadlin e . Deadline.
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