12 2 STA T . 1 70 0 PUBLIC LA W 110 – 2 46—J U NE 1 8, 2008 peanuts, t h ea mo unt o f the c ounte r- c y c li cal payment to b e pai d to the producers on a farm for that crop year shall be e q ual to the product of the follo w in g:(1)T he payment rate specified in subsection (d) . ( 2 ) The payment acres on the farm. ( 3 ) The payment yield for the farm. (f) T IMEFORPAY ME NTS . — (1) G ENERA L R U LE.— Ex cept as pro v ided in paragraph (2), if the S ecretary determines under subsection (a) that counter- cyclical payments are required to be made under this section for a crop of peanuts, beginning O ctober 1, or as soon as practicable after the end of the mar k eting year, the Secretary shall make the counter-cyclical payments for the crop. (2) AV AILA B ILITY OF P ARTIAL PAYMENTS.— (A) I N G ENERAL.—If, before the end of the 12-month marketing year, the Secretary estimates that counter- cyclical payments will be required under this section for a crop year, the Secretary shall give producers on a farm the option to receive partial payments of the counter- cyclical payment pro j ected to be made for the crop. ( B ) ELE C TION.— (i) IN GENERAL.—The Secretary shall allow pro- ducers on a farm to make an election to receive partial payments under subparagraph (A) at any time but not later than 60 days prior to the end of the marketing year for the crop. (ii) D ATE OF ISSUANCE.—The Secretary shall issue the partial payment after the date of an announcement by the Secretary but not later than 30 days prior to the end of the marketing year. (3) TIME FOR PARTIAL PAYMENTS.— W hen the Secretary makes partial payments for any of the 200 8 through 2010 crop years— (A) the first partial payment shall be made after completion of the first 180 days of the marketing year for that crop
and (B) the final partial payment shall be made beginning October 1, or as soon as practicable thereafter, after the end of the applicable marketing year for that crop. ( 4 ) AMOUNT OF PARTIAL PAYMENTS.— (A) F IRST PARTIAL PAYMENT.—For each of the 2008 through 2010 crop years, the first partial payment under paragraph (3) to the producers on a farm may not exceed 40 percent of the projected counter-cyclical payment for the crop year, as determined by the Secretary. (B) FINAL PAYMENT.—The final payment for a crop year shall be equal to the difference between— (i) the actual counter-cyclical payment to be made to the producers for that crop year; and (ii) the amount of the partial payment made to the producers under subparagraph (A). ( 5 ) R EPAYMENT.—The producers on a farm that receive a partial payment under this subsection for a crop year shall repay to the Secretary the amount, if any, by which the total of the partial payments exceed the actual counter-cyclical pay- ment to be made for that crop year. Deadlin e .
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