§ 7971. Storage facility loans

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2002

   Pub. L. 107–171 title I § 1402 · 116 Stat. 134

   Enacted · 7 U.S.C. § 7971

   Pub. L. 107–171, title I, § 1402, May 13, 2002, 116 Stat. 187

   Source evidence

   Code source credit
   Pub. L. 107–171, title I, § 1402, May 13, 2002, 116 Stat. 187

   Enacted provision · exact public law section
   SEC. 1402. STORAGE FACILITY LOANS. (a) In General.— Notwithstanding any other provision of law and as soon as practicable after the date of enactment of this Act, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars. (b) Eligible Processors.— A storage facility loan described in subsection (a) shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)— (1) has a satisfactory credit history; (2) has a need for increased storage capacity, taking into account the effects of marketing allotments; and (3) demonstrates an ability to repay the loan. (c) Term of Loans.— A storage facility loan described in subsection (a) shall— (1) have a minimum term of 7 years; and (2) be in such amounts and on such terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.

2. 2008

   Food, Conservation, and Energy Act of 2008

   Pub. L. 110–246 § 1404 · 122 Stat. 1651

   1. Added · 7 U.S.C. § 7971(c)(2); 7 U.S.C. § 7971(c)(3)

      Pub. L. 110–246, § 1404, added par. (2)

   2. Redesignated · 7 U.S.C. § 7971(c)(2); 7 U.S.C. § 7971(c)(3)

      Pub. L. 110–246, § 1404, redesignated former par. (2) as (3), and, in par. (3)

   3. Inserted · 7 U.S.C. § 7971(c)(2); 7 U.S.C. § 7971(c)(3)

      Pub. L. 110–246, § 1404, inserted “other” after “on such”

   Source evidence

   Code amendment note
   Subsec. (c)(2), (3). Pub. L. 110–246, § 1404, added par. (2), redesignated former par. (2) as (3), and, in par. (3), inserted “other” after “on such”.

   Enacted provision · exact public law section
   SEC. 1404. STORAGE FACILITY LOANS.   Section 1402(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 (4) in paragraph (3) (as redesignated by paragraph (2)), by inserting “other” after “on such”.

   Effective date note
   Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under section 8701 of this title.

4 of 4 references resolved to an enrolled provision