12 2 STA T . 2 087PUBLIC LA W 110 – 2 46—J U NE 18 , 2008 ‘ ‘ (4)ELIG I B L E E NT IT Y.—Thet e rm ‘e lig i b lee n tit y’ me a n s an entity l oc ate d in the U nited S tates that mar k ets an eligible commodity in the United States. ‘‘(b) F EE DS T OCK FLE X IBILITY PR OGR AM .— ‘‘( 1 ) I N GENERAL.— ‘‘( A )P U RC H ASES AND SALES.—For each o f the 20 0 8 thro u gh 2012 cro p s , the Secretary shall purchase eligible commodities from eligible entities and sell such commod - ities to bioenergy producers for the purpose of producing bioenergy in a manner that ensures that section 1 56 of the Federal Agriculture Impro v ement and R eform Act ( 7 U.S. C . 7272) is operated at no cost to the Federal G overn- ment by avoiding forfeitures to the Commodity Credit Cor- poration. ‘‘( B ) COM P ETITI V E PROCEDURES.—In carrying out the purchases and sales re q uired under subparagraph (A), the Secretary shall, to the ma x imum extent practicable, use competitive procedures, including the receiving, offering, and accepting of bids, w hen entering into contracts with eligible entities and bioenergy producers, provided that such procedures are consistent with the purposes of subparagraph (A). ‘‘(C) L IMITATION.—The purchase and sale of eligible commodities under subparagraph (A) shall only be made in crop years in which such purchases and sales are nec- essary to ensure that the program authori z ed under section 156 of the Federal Agriculture Improvement and Reform Act (7 U.S.C. 7272) is operated at no cost to the Federal Government by avoiding forfeitures to the Commodity Credit Corporation. ‘‘(2) N OTICE.— ‘‘(A) IN GENERAL.—As soon as practicable after the date of enactment of the Food, Conservation, and Energy Act of 2008 and each September 1 thereafter through Sep- tember 1, 2012, the Secretary shall provide notice to eligible entities and bioenergy producers of the quantity of eligible commodities that shall be made available for purchase and sale for the crop year following the date of the notice under this section. ‘‘(B) REESTIMATES.—Not later than the J anuary 1, April 1, and July 1 of the calendar year following the date of a notice under subparagraph (A), the Secretary shall reestimate the quantity of eligible commodities deter- mined under subparagraph (A), and provide notice and make purchases and sales based on such reestimates. ‘‘( 3 ) COMMODITY CREDIT CORPORATION INVENTORY.— ‘‘(A) D ISPOSITIONS.— ‘‘(i) BIOENERGY AND GENERALLY.—Except as pro- vided in clause (ii), to the extent that an eligible com- modity is owned and held in inventory by the Com- modity Credit Corporation (accumulated pursuant to the program authorized under section 156 of the Fed- eral Agriculture Improvement and Reform Act (7 U.S.C. 7272)), the Secretary shall— ‘‘(I) sell the eligible commodity to bioenergy producers under this section consistent with para- graph (1)(C)
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