Commodity Credit Corporation

Commodity Credit Corporation In view of the occurrence of recent natural disasters—similar to the volcano eruption of 1980, the earthquake of 1989, and the hurricane of 1989—droughts, floods, freezes, tornadoes, and other catastrophes which resulted in billions of dollars in damages, and in an effort to restore the economy and to alleviate the effects of the disasters, an additional $1,750,000,000, to remain available until expended, is hereby made available for losses associated with 1990 crops as authorized by Public Law 101–624, and for losses associated with 1991 and 1992 crops under the same terms and conditions: Provided, That $995,000,000 of this amount is available for payments to producers for losses on either 1990 or 1991 crops, at the producer’s option: Provided further, That the remaining $755,000,000 shall be available only to the extent an official budget request, for a specific dollar amount, that includes designation of the entire amount of the request as an emergency requirement as defined in the Balanced Budget and Emergency Deficit Control Act of 1985, is transmitted to the Congress: Provided further, That this $755,000,000 shall be available for crop losses for one of the years 1990, 1991 or 1992, at the producer’s option, but shall not be for a year for which disaster payments were previously provided to the producer: Provided further, That $100,000,000 of the $755,000,000 is set aside for program crops planted in 1991 for harvest in 1992: Provided further, That, consistent with the amounts made available above, emergency loans made with respect to damage to an annual crop planted for harvest in 1991 under subtitle C of the Consolidated Farm and Rural Development Act shall be made available without regard to the purchase of crop insurance under the Federal Crop Insurance Act by the producer who requests such a loan.