12 2 STA T .97 7 PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8SEC.1308 . ADJU S TM E N TS OFL OANS. (a)ADJUSTMEN T AUT HORI T Y.—TheS e cr e t ar ym ay ma k ea p pr o- pr i ate a djus tme n ts in the l oan rates f or peanuts for differences in g rade , type, q uality, location, and other factors. ( b ) MA NNER O F ADJUSTMENT.—The adjustments under sub- section (a) shall, to the ma x imum extent practicable, be made in such a manner that the a v erage loan level for peanuts w ill, on the basis of the anticipated incidence of the factors, be equal to the level of support determined in accordance with this subtitle and subtitles B , D , and E . (c) ADJUSTMENT ON C OUNTY BASIS.— ( 1 ) I N G ENERA L .—Subject to paragraph ( 2 ), the Secretary may establish loan rates for a crop of peanuts for producers in individual counties in a manner that results in the lowest loan rate being 95 percent of the national average loan rate, if those loan rates do not result in an increase in outlays. (2) P ROHI B ITION.—Adjustments under this subsection shall not result in an increase in the national average loan rate for any year. Subti t leD— Su gar SEC. 1 4 01. SU G A RP ROGRAM. (a) IN G ENERAL.—Section 15 6 of the F ederal Agriculture Improvement and R eform Act of 1996 ( 7U .S.C. 7272) is amended to read as follows
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‘SEC. 1 56 . SUGAR PROGRAM. ‘ ‘(a) SUGAR C ANE.—The Secretary shall make loans available to processors of domestically grown sugarcane at a rate equal to— ‘‘(1) 1 8 . 0 0 cents per pound for raw cane sugar for the 2008 crop year
‘‘(2) 18.25 cents per pound for raw cane sugar for the 2009 crop year; ‘‘( 3 ) 18.50 cents per pound for raw cane sugar for the 2010 crop year; ‘‘( 4 ) 18.75 cents per pound for raw cane sugar for the 2011 crop year; and ‘‘(5) 18.75 cents per pound for raw cane sugar for the 2012 crop year. ‘‘(b) SUGAR BEETS.—The Secretary shall make loans available to processors of domestically grown sugar beets at a rate equal to— ‘‘(1) 22.9 cents per pound for refined beet sugar for the 2008 crop year; and ‘‘(2) a rate that is equal to 128.5 percent of the loan rate per pound of raw cane sugar for the applicable crop year under subsection (a) for each of the 2009 through 2012 crop years. ‘‘(c) TERM OF L OANS.— ‘‘(1) IN GENERAL.—A loan under this section during any fiscal year shall be made available not earlier than the begin- ning of the fiscal year and shall mature at the earlier of— ‘‘(A) the end of the 9-month period beginning on the first day of the first month after the month in which the loan is made; or Loans.7USC8 7 5 8.
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