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Farm Life Extension Act of 1998
To amend the Agricultural Market Transition Act to provide an alternative single payment for production flexibility contracts.
Summary
This bill amends the Agricultural Market Transition Act to allow farmers to receive a lump-sum payment in place of annual contract payments under their production flexibility contracts. Eligible farmers can request a single upfront payment representing the present value of all their remaining annual payments, but must irrevocably assign their right to those future payments to the Department of Agriculture in exchange. The single payment option is exempted from the usual federal payment limitation rules. To fund these lump-sum payments, the bill authorizes the Federal Agricultural Mortgage Corporation to issue securities and use the proceeds to cover any costs that exceed what would have been spent on the annual payments. The Secretary of Agriculture can issue regulations and enter into contracts as needed to implement the program.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
2 cosponsors
- Rep. Lucas, Frank D. [R-OK-6] (R-OK)
- Rep. Moran, Jerry [R-KS-1] (R-KS)
Actions (6)
- Jul 31, 1998 Executive Comment Requested from USDA. · house
- Jul 31, 1998 Referred to the Subcommittee on General Farm Commodities. · house
- Jul 31, 1998 Referred to the Subcommittee on Forestry, Resource Conservation and Research. · house
- Jul 17, 1998 Referred to the House Committee on Agriculture. · house
- Jul 17, 1998 Sponsor introductory remarks on measure. (CR H5850)
- Jul 17, 1998 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
July 17, 1998
Mr. Thune (for himself, Mr. Lucas of Oklahoma, and Mr. Moran of Kansas) introduced the following bill; which was referred to the Committee on Agriculture
A BILL
To amend the Agricultural Market Transition Act to provide an alternative single payment for production flexibility contracts.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Farm Life Extension Act of 1998”.
SEC. 2. ALTERNATIVE SINGLE PAYMENT.
(a) In General.—Section 112(d) of the Agricultural Market Transition Act (7 U.S.C. 7212(d)) is amended—
(1) in paragraph (1), by striking “An” and inserting “Except as provided in paragraph (3), an”; and
(2) by adding at the end the following:
“(3) Single payment alternative.—The Secretary may, at the request of an eligible owner or producer, and in lieu of annual contract payments, make a single payment representing the present value, as of the time the single payment is made, of the right to receive the remaining annual contract payments that would otherwise be made under the contract. Any single payment made under this paragraph shall be conditioned on the owner or producer irrevocably assigning to the Secretary or the designee of the Secretary the right of the owner or producer to receive the full amount of the remaining annual contract payments that would otherwise be made under the contract in lieu of the single payment.”.
(b) Payment Limitations.—Paragraphs (1) and (2) of section 1001 of the Food Security Act of 1985 (7 U.S.C. 1308) are each amended by striking “The total” and inserting “Except a single payment under section 112(d)(3) of the Agricultural Market Transition Act, the total”.
SEC. 3. FINANCING THROUGH THE FEDERAL AGRICULTURAL MORTGAGE CORPORATION.
(a) Issuance of Securities.—
(1) In general.—Notwithstanding the Farm Credit Act of 1971, the Federal Agricultural Mortgage Corporation may issue securities, at the request of the Secretary of Agriculture, to raise funds sufficient to cover the amount (if any) by which Federal outlays made in any fiscal year for single payments under section 112(d)(3) of the Agricultural Market Transition Act exceed the Federal outlays that would have been made in the fiscal year for the annual contract payments in lieu of which the single payments are made.
(2) Terms and conditions.—Each security issued pursuant to paragraph (1) shall be issued subject to such terms and conditions as the Secretary of Agriculture deems appropriate. Sections 8.32, 8.33, and 8.34 of the Farm Credit Act of 1971 shall not apply to any on- or off-balance sheet asset created or acquired by the Federal Agricultural Mortgage Corporation under this Act.
(b) Use of Proceeds From Security Sales.—The proceeds from the sales of securities issued pursuant to subsection (a) shall be covered into the Treasury of the United States as a miscellaneous receipt.
(c) Administrative Authorities.—The Secretary of Agriculture may issue such regulations, enter into such contracts, and take such other actions as the Secretary determines are necessary or appropriate to implement this Act.
(d) Assignment of Annual Payments.—To the extent that the Federal Agricultural Mortgage Corporation provides funds under this Act, the Secretary of Agriculture shall ensure that all annual contract payments that would otherwise be made under any contract in lieu of a single payment under section 112(d)(3) of the Agricultural Market Transition Act are assigned to the Federal Agricultural Mortgage Corporation and are so paid regardless of the status of the owner or producer assigning the payments or the status of the land in respect of which the payments were to be made. <all>
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