PUBLIC LAW 102-558—OCT. 28, 1992 106 STAT. 4205

"(B) if no ceiling price has been established, the higher
of—

"(i) the current domestic market price for such
commodity; or

"(ii) the minimum sale price established for agri-
cultural commodities owned or controlled by the Com-
modity Credit Corporation, as provided in section 407
of the Agricultural Act of 1949.

"(4) DELIVERY DATES.—No purchase or commitment to pur-
chase any imported agricultural commodity shall specify a deliv-
ery date which is more than 1 year after the expiration of
this section.

"(5) PRESIDENTIAL DETERMINATIONS.—Except as provided

in paragraph (7), the President may not execute a contract

under this subsection unless the President determines that—

"(A) the industrial resource or critical technology item

is essential to the national defense;

"(B) without Presidential action under the authority
provided for in this section, United States industry cannot
reasonably be expected to provide the capability for the
needed industrial resource or critical technology item in
a timely manner;

"(C) purchases, purchase commitments, or other action
pursuant to this section are the most cost-effective, expedi-
ent, and practical alternative method for meeting the need;
and

"(D) the combination of the United States national
defense demand and foreseeable nondefense demand for
the industrial resource or critical technology item is not
less than the output of domestic industrial capability, as
determined by the President, including the output to be
established through the purchase, purchase commitment,
or other action.
"(6) IDENTIFICATION OF SHORTFALL.—

"(A) IN GENERAL.—Except as provided in paragraph
(7), the President shall take no action under this section
unless the industrial resource shortfall which such action
is intended to correct has been identified in the Budget
of the United States, or amendments thereto, submitted
to the Congress and accompanied by a statement from
the President demonstrating that the budget submission
is in accordance with the provisions of paragraph (5).

"(B) TIMING OF ACTION.—Any such action may be taken
only after 60 days have elapsed after such industrial
resource shortfall has been identified pursuant to subpara-
graph (A).

"(C) LIMITATION.—If the taking of any action or actions
under this section to correct an industrial resource shortfall
would cause the aggregate outstanding amount of all such
actions for such industrial resource shortfall to exceed
$50,000,000, any such action or actions may be taken only
if specifically authorized by law.

"(7) WAIVER.—The requirements of paragraphs (1) through
(6) may be waived—

"(A) during periods of national emergency declared by
the Congress or the President; or