[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4272 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4272

     To amend the Agricultural Market Transition Act to provide an 
    alternative single payment for production flexibility contracts.


_______________________________________________________________________


                    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>