A bill to authorize the Secretary of Agriculture to make financial assistance available to agricultural producers who suffer losses as the result of having their agricultural commodities or livestock contaminated by toxic chemicals dangerous to the public health, or whose agricultural commodities or livestock have been contaminated so as to adversely affect the economic viability of the farming operation.

Summary

Directs the Secretary of Agriculture to make loans through the Agricultural Credit Insurance Fund to agricultural producers in the United States who sustain losses incurred on or after January 1, 1973 as a direct result of contamination of their food crops, animal feedcrops, livestock (including poultry), or livestock products by toxic chemicals at levels dangerous to the public health or at such levels that the Secretary determines that the contamination has adversely affected the economic viability of the farming operation. Sets a maximum loan amount of $250,000, a term of ten years, and leaves the interest rate to the Secretary's discretion, not to exceed three percent. Requires repayment of the loan up to the amount of the compensation within three months of the receipt of any compensation for losses for which the loan was made. Permits the Secretary to postpone all but a nominal amount of principal and interest payments for up to three years.

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1 official file

• Introduced in House

  summary · EN · 14 March 1977

  Open at official source

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