,,ii #aah? ,,congress #a/ ,session ,s4 #bejg ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #bf1 #bjbc ,mr4 ,wel* 7= himself & ,mr4 ,k+7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,agriculture1 ,nutrition1 & ,=e/ry ,a ,,bill ,to am5d ! ,food ,security ,act ( #aihe to ensure equal treatm5t ( buy-protect-sell transactions & c]ta9 o!r transactions "u ! agricultural cons]vation easem5t program1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,f>ml& ,access ,act4 #b4 ,buy-protect-sell & c]ta9 o!r transactions "u ! agricultural cons]vation easem5t program 7a7 ,purposes ( agricultural cons]vation easem5t program ,section #abfe7;b7 ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe7;b77 is am5d$-- 7#a7 9 p>agraph 7#c71 by /rik+ & aft] ! semicolon at ! end2 7#b7 9 p>agraph 7#d71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#e7 facilitate ! transf] ( protect$ eligible l& to f>m]s & ran*]s4 4 7b7 ,def9ition ( buy-,protect-,sell transaction ,section #abfe;,a ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe;a7 is am5d$ by /rik+ p>agraph 7#b7 & ins]t+ ! foll[+3 7#b7 ,buy-protect-sell transaction 7,a7 ,9 g5]al ,! t]m buy-protect-sell transaction means a legal arrangem5t betwe5 ! ,secret>y & #a or m eligible entities-- 7i7 relat+ to l&-- 7,i7 t is own$1 or w be pur*as$ prior to acquisition ( an agricultural l& easem5t1 by-- 7aa7 at lea/ #a eligible entity describ$ 9 p>agraph 7#c77;,b72 7bb7 an ,indian tribe2 or 7cc7 a local gov]nm5tal entity us+ a buy-protect-sell transaction to protect wat] rights 9 a ,/ate t uses ! prior appropriation doctr9e or a hybrid ( ! prior appropriation doctr9e2 & 7,,ii7 ) respect to :i* an agricultural l& easem5t w be pur*as$ ov] all or a portion ( ! l& by at lea/ #a eligible entity1 :i* may be-- 7aa7 ! same #a or m eligible entities describ$ 9 subclause 7,i72 7bb7 #a or m o!r eligible entities describ$ 9 subp>agraph 7,a7 or 7,b7 ( p>agraph 7#c72 or 7cc7 any comb9ation ( eligible entities describ$ 9 items 7aa7 & 7bb72 & 7ii7 "u :i*-- 7,i7 #a or m eligible entities describ$ 9 clause 7i7 c]tifies to ! ,secret>y t-- 7aa7 #a or m ( ! eligible entities describ$ 9 t clause w secure an agricultural l& easem5t on ! l& describ$ 9 t clause1 subject to subp>agraph 7,b77i72 & 7bb7 ! #a or m eligible entities describ$ 9 subclause 7,i7 ( t clause t own ! l& w1 9 a timely mann] aft] ! acquisition ( ! agricultural l& easem5t describ$ 9 item 7aa71 transf] own]%ip ( ! l& to a f>m] or ran*] t is n an eligible entity1 pursuant to a contract ) a will+ buy]1 subject to subp>agraph 7,b77ii72 & 7,,ii7 ! ,secret>y %all be reimburs$ = ! entirety ( ! ,f$]al %>e ( ! co/ ( ! agricultural l& easem5t by ! eligible entities describ$ 9 clause 7i7 if ! eligible entities describ$ 9 subclause 7,i77bb7 fail to transf] own]%ip 9 accordance ) t subclause4 7,b7 ,requirem5ts 7i7 ,tim+ ( acquisition ( agricultural l& easem5t ,aft] ent]+ into an arrangem5t describ$ 9 subp>agraph 7,a71 ! ,secret>y %all provide to ! applicable #a or m eligible entities a p]iod ( suffici5t "t1 :i* %all be n less ?an #c ye>s1 to secure an agricultural l& easem5t on ! applicable l&4 7ii7 ,transf] ( l& to f>m] or ran*] 7,i7 ,tim+ 7aa7 ,9 g5]al ,subject to item 7bb71 a transf] ( l& describ$ 9 subp>agraph 7,a77ii77,i77bb7 %all be complet$ by ! date t is #c ye>s aft] ! date on :i* an agricultural l& easem5t is acquir$ ) respect to t l&4 7bb7 ,ext5sion ,! ,secret>y may ext5d ! "t = complet+ a transf] describ$ 9 item 7aa7 if ! ,secret>y det]m9es t an ext5sion ( "t is ju/ifi$4 7,,ii7 ,no limitations on t]ms ,! ,secret>y may n impose any limitations on ! t]ms ( a contract describ$ 9 subp>agraph 7,a77ii77,i77bb7 betwe5 #a or m eligible entities & a f>m] or ran*]4 4 7c7 ,def9ition ( eligible l& ,section #abfe;,a7#d77;,a77i7 ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe;a7#d77;,a77i77 is am5d$-- 7#a7 9 subclause 7,i71 by /rik+ or aft] ! semicolon at ! end2 7#b7 by r$esignat+ subclause 7,,ii7 z subclause 7,,iii72 & 7#c7 by ins]t+ aft] subclause 7,i7 ! foll[+3 7,,ii7 a transaction describ$ 9 section #abfe;,b7e77#a77;,b72 or 4 7d7 ,availability ( assi/ance = ! pur*ase ( agricultural l& easem5ts ,section #abfe;,b7a7 ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe;b7a77 is am5d$-- 7#a7 9 p>agraph 7#a71 by /rik+ l&2 & ins]t+ ! foll[+3 8l&1 includ+ ?r\gh ! use (-- 7,a7 buy-protect-sell transactions2 & 7,b7 transactions describ$ 9 subsection 7e77#a77;,b72 & 2 7#b7 9 p>agraph 7#b71 by /rik+ 2 & & ins]t+ a p]iod2 & 7#c7 by /rik+ p>agraph 7#c74 7e7 ,co-,eligible entities ,section #abfe;,b7b77#d7 ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe;b7b77#d77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,e7 & 7,f7 z subp>agraphs 7,f7 & 7,g71 respectively2 & 7#b7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 ,co-eligible entities 7i7 ,def9ition ( co-eligible entity ,9 ?is subp>agraph1 ! t]m co-eligible entity means an eligible entity t jo9tly applies = co/-%>e assi/ance "u ?is section ) #a or m o!r eligible entities4 7ii7 ,jo9t application = co/-%>e assi/ance ,! ,secret>y %all all[ multiple eligible entities to jo9tly apply = co/-%>e assi/ance "u ?is section4 7iii7 ,%>$ responsibilities ( co-eligible entities 7,i7 ,9 g5]al ,! ,secret>y may ent] into an agreem5t ) #a or m co-eligible entities = ! pur*ase ( #a or m agricultural l& easem5ts on any eligible l&1 includ+ ?r\gh a buy-protect-sell transaction4 7,,ii7 ,grant ( agricultural l& easem5ts ,an agricultural l& easem5t pur*as$ pursuant to subclause 7,i71 includ+ ?r\gh a buy-protect-sell transaction1 may be grant$ to any #a or m co-eligible entities4 4 7f7 ,equal application to buy-,protect-,sell & o!r transactions ,section #abfe;,b ( ! ,food ,security ,act ( #aihe 7#af ,u4,s4,c4 #chfe;b7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,equal application 7#a7 ,def9ition ( cov]$ transaction ,9 ?is subsection1 ! t]m cov]$ transaction means-- 7,a7 a buy-protect-sell transaction2 & 7,b7 an agricultural l& easem5t transaction t-- 7i7 uses a buy-sell-protect /ructure 9 :i* an eligible entity transf]s own]%ip ( l& to a f>m] or ran*]-- 7,i7 prior to ! "t at :i* ! eligible entity acquires ! agricultural l& easem5t on t l&2 or 7,,ii7 at ! same "t t ! eligible entity acquires ! agricultural l& easem5t on t l&2 or 7ii7 conc]ns l& ) respect to :i* ! l&[n] has a lease-to-own agreem5t ) a f>m] or ran*] at ! "t ( ! application = assi/ance "u ?is section4 7#b7 ,no additional l& eligibility requirem5ts ,! ,secret>y may n impose any requirem5ts or limitations relat+ to ! eligibility ( l& = buy-protect-sell transactions beyond ^? describ$ 9-- 7,a7 p>agraphs 7#b7 & 7#d7 ( section #abfe;,a2 & 7,b7 subsection 7a7 ( section #abfe;,d4 7#c7 ,advanc$ paym5t ,! ,secret>y %all all[ eligible entities conduct+ cov]$ transactions to receive advanc$ paym5t 9 accordance ) ! proc$ures requir$ = o!r agricultural l& easem5t transactions "u ?is section4 7#d7 ,pap]work requirem5ts ,! ,secret>y %all impose ! same pap]work requirem5ts on agricultural l& easem5t transactions describ$ 9 p>agraph 7#a77;,b7 t ! ,secret>y imposes on o!r agricultural l& easem5t transactions "u ?is section4 7#e7 ,c]tifi$ entities ,! ,secret>y %all ensure t b5efits describ$ 9 section #abfe;,b7b77#e7 are ext5d$ to eligible entities c]tifi$ "u t section t are conduct+ buy-protect-sell transactions4 7#f7 ,sav+s clause ,no?+ 9 ?is subsection limits ! eligibility ( agricultural l& easem5t transactions describ$ 9 p>agraph 7#a77;,b7 = assi/ance "u ?is section4 4