Page:United States Statutes at Large Volume 105 Part 3.djvu/685

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PROCLAMATION 6301—JUNE 7, 1991 105 STAT. 2569 "(a) Special Upland Cotton Import Quota Based on Northern Europe Prices. — "(i] Whenever the Secretary of Agriculture determines and aimoimces that for any consecutive 10-week period, the Friday through Thursday average price quotation for the lowest-priced United States growth, as quoted for Middling one and three-thirty-seconds inch cotton, delivered C.I.F. Northern Europe, adjusted for the value of any certificates issued under section 103B(a}(5](E} of the Agricultural Act of 1949, as amended, exceeds the Friday through Thursday average price of the five lowest-priced growths of upland cotton, as quoted for Middling one and three-thirty-seconds inch cotton, delivered C.I.F. Northern Europe (Northern Europe price] by more than 1.25 cents per pound, there shall be in effect, as of the effective date of such annoimcement, a special limited global import quota equal to 1 week's consiunption of upland cotton by domestic mills at the seasonally adjusted average rate of the most recent 3 months for which data are available. During the period when both a price quotation for cotton for shipment no later than August/September of the current calendar year (current shipment price] and a price quotation for cotton for shipment no earlier than October/November of the current calendar year (forward shipment price] are available for such growths, the current shipment price shall be used. An aimoimcement under this clause shall be known as a Special Cotton Quota Aimouncement. "(ii] Application.— The quota shall apply to upland cotton purchased not later than 90 days after the effective date of the Secretary's announcement under clause (i] and entered into the United States not later than 180 days after such date. "(iii] Overlap. —A special quota period may be established that overlaps any existing quota period if required by clause (i], except that a special quota period may not be established under this paragraph if a special quota period has been established under paragraph (b] of this note. "(iv] The Secretary of Agriculture shall inform the Secretary of the Treasury of the establishment of any special import quota under this paragraph and shall Hie a notice of such quota with the Federal Register. "(b] Special Upland Cotton Import Quota Based on Spot Market Prices. — "(i] Whenever the Secretary of Agriculture determines and annoimces that the average price of the base quality of upland cotton, as determined by the Secretary, in the designated spot markets for a month exceeded 130 percent of the average price of such quality of cotton in such markets for the preceding 36 months, there shall immediately be in effect a special limited global import quota equal to 21 days of domestic mill consumption of upland cotton at the seasonally adjusted average rate of the most recent 3 months for which data are available. An aimouncement under this clause shall be known as a Special Limited Global Import Quota Annoimcement. "(ii] Quantity if prior quota. —I f a special quota has been established under this paragraph during the preceding 12 months, the quantity of the quota next established under this paragraph shall be the smaller of 21 days of domestic mill consumption, calculated as set forth in clause (i], or the quantity required to increase the supply to 130 percent of the demand. "(iii] Definitions.— As used in clause (ii]: (A] Supply.— The term 'supply' means, using the latest official data of the Bureau of the Census, the Department of Agriculture, and the Department of the Treasury— (I] the carry-over of upland cotton at the beginning of the marketing year (adjusted to 480-pound bales) in which the special quota is established; plus (II] production of the current crop; plus (III] imports to the latest date available during the marketing year. (B] Demand.— The term 'demand' means— (I) the average seasonally adjusted aimual rate of domestic mill consumption in the most recent 3 months for which data are available; plus (II) the larger of— (aa) average exports of upland cotton during the preceding 6 marketing years; or (bb) cumulative exports of upland cotton plus outstanding export sales for the marketing year in which the special quota is established. "(iv) Quota entry period. — When a special quota is established under this paragraph, cotton may be entered under the quota during the 90-day period begiiming on the effective date of the Secretary of Agriculture's announcement of such quota. "(v) No overlap.—Notwithstanding clauses (i) through (iv), a special quota period may not be established under this paragraph that overlaps an existing quota period established under this paragraph or a special quota period established under paragraph (a) of this note.