[Code of Federal Regulations]
[Title 7, Volume 10]
[Revised as of January 1, 2008]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1430.208]

[Page 549-550]
 
                          TITLE 7--AGRICULTURE
 
  CHAPTER XIV--COMMODITY CREDIT CORPORATION, DEPARTMENT OF AGRICULTURE
 
PART 1430_DAIRY PRODUCTS--Table of Contents
 
               Subpart B_Milk Income Loss Contract Program
 
Sec. 1430.208  Payment rate and dairy operation payment.

    (a) Payments under this subpart may be made to dairy operations when 
the Boston Class I milk price under the applicable Federal milk 
marketing order is below $16.94 per cwt. No payments will be made to 
dairy operations for marketings during the months that the Boston Class 
I milk price under the applicable milk marketing order is equal to or 
exceeds $16.94.
    (b) A per-hundredweight payment rate will be determined for the 
applicable month by:
    (1) Subtracting from $16.94 the Class I milk price per cwt in 
Boston; and
    (2) Multiplying the difference by 34 percent during the period 
beginning on October 1, 2005, and ending on September 30, 2007.
    (c) Each eligible dairy operation payment will be calculated, as 
determined by the Secretary, by:
    (1) Converting whole pounds of milk to hundredweight; and
    (2) Multiplying the payment rate determined in paragraph (b) of this 
section by the quantity of eligible production marketed by the operation 
during the applicable month as determined according to Sec. 1430.205 
and other provisions of these regulations.

[[Page 550]]

    (3) Payments to dairy operations will be based on calculated payment 
rates rounded seven places to the right of the decimal.
    (d) Payments under this subpart may be made to a dairy operation 
only up to the first 2.4 million pounds of eligible milk production per 
applicable fiscal year, including any year in the transition period.
    (e) Dairy operations receiving benefits under this subpart, will 
receive payments on a monthly basis according to the MILC, to the extent 
practicable, not later than 60 days after the production evidence and 
all supporting documents for the applicable month are received by CCC. 
Payments issued by CCC later than 60 days after all production evidence 
and supporting documentation are received by CCC will be subject to 
prompt payment interest as allowed by law.

[67 FR 64476, Oct. 18, 2002, as amended at 71 FR 19623, Apr. 17, 2006; 
72 FR 48231, Aug. 23, 2007]