The Honey Recourse Loan Program was a program authorized by the emergency provisions of the

fiscal year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ...

(FY) 1999

United States Department of Agriculture The United States Department of Agriculture (USDA) is the United States federal executive departments, federal executive department responsible for developing and executing federal laws related to farming, forestry, rural economic development, ...

(USDA) appropriations act (P.L. 105-277) that made recourse loans based on a national average rate of $0.56 per pound on 1998-crop

honey Honey is a sweet and viscous substance made by several bees, the best-known of which are honey bees. Honey is made and stored to nourish bee colonies. Bees produce honey by gathering and then refining the sugary secretions of plants (primar ...

. Final date to obtain a loan was May 7, 1999. The producer-owned honey was required to be merchantable and stored in acceptable containers. Loans carried an administrative fee of $0.009 per pound, bore an interest rate 1% higher than the

Commodity Credit Corporation The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices" (federally chartered by the CCC Charter Act of 1948 (P.L. 80-806) ...

(CCC) borrowing interest rate, and matured not later than nine months following disbursement.

References

United States Department of Agriculture programs Honey {{US-gov-stub