SA 3558. Mr. INOUYE (for himself and Mr. Akaka) submitted an amendment intended to be proposed to amendment SA 3500 proposed by Mr. Harkin (for himself, Mr. Chambliss, Mr. Baucus, and Mr. Grassley) to the bill H.R. 2419, to provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes; which was ordered to lie on the table; as follows:

On page 1192, strike line 13 and insert the following:
``SEC. 9023. SUGAR ETHANOL LOAN GUARANTEE PROGRAM.
``(a) In General.--The Secretary shall guarantee the timely payment of 100 percent of the principal and interest due on loans made to finance each of 2 projects under this section to demonstrate the feasibility and viability of the commercial production of ethanol derived from sugarcane, sugarcane bagasse, and other sugarcane byproducts as feed stocks.
``(b) Requirement.--To receive a loan guarantee under this section, an applicant shall provide to the Secretary assurances satisfactory to the Secretary that--
``(1) the project design has been validated through the operation of a continuous production facility;
``(2) the project has been subject to a full technical review;
``(3) the project, with the loan guarantee, will be economically viable;
``(4) the project includes an operating cane mill the production of which, as of the date of the enactment of this Act, is subject to allotment under section 359c(e)(2) of the Agricultural Adjustment Act of 1938 (7 U.S.C. 1359cc(e)(2)); and
``(5) there is reasonable assurance of repayment of the loan.
``(c) Limitations.--
``(1) IN GENERAL.--Except as provided in paragraph (2), a loan guarantee under this section--
``(A) may be issued for up to 80 percent of the estimated cost of the project; but
``(B) shall not exceed $100,000,000 for any 1 project.
``(2) ADDITIONAL GUARANTEES.--The Secretary may issue an additional loan guarantee under this section to cover the lesser of--
``(A) 80 percent of the excess of the actual project cost over the estimated project cost; or
``(B) 10 percent of the amount guaranteed under paragraph (1).
``(3) MAXIMUM TERM OF LOAN GUARANTEE.--The Secretary shall determine the maximum term of a loan guarantee provided under this section.
``(d) Grants.--To carry out this section, not later than 5 years after the date of enactment of this Act, the Secretary shall make 2 grants, each of which shall be in the amount of $10,000,000, for 2 demonstration projects, consistent with the requirements of subsection (b)(4).
``(e) Administration.--The Secretary shall use the funds, facilities, and authorities of the Commodity Credit Corporation to carry out this section.
``SEC. 9024. FUTURE FARMSTEADS PROGRAM.


(As printed in the Congressional Record for the Senate on Nov 7, 2007.)