§ 1002.61 - Computation of the uniform price.

The market administrator shall, on or before the 14th day of each month, audit for mathematical correctness and obvious errors the report submitted for the preceding month by each handler. If the unreserved cash balance in the producer settlement fund to be included in the computation is less than 2 cents per hundredweight of pool milk on all reports, the report of any handler who has not made payment of the last monthly pool debit account rendered pursuant to § 1002.71 shall not be included in the computation of the uniform price. The report of such handler shall not be included in the computation for succeeding months until he has made full payment of outstanding monthly pool debits. Subject to the aforementioned conditions, the market administrator shall compute the uniform price in the following manner:

(a) Combine into one total the net pool obligations of all handlers computed pursuant to § 1002.60;

(b) Subtract the total of payments required to be made pursuant to § 1002.77;

(c) Subtract an amount computed by multiplying the quantity of pool milk delivered directly from farms to pool plants and partial pool plants that was not put into a tank truck prior to such delivery, by a rate per hundredweight that is equal to the rate specified in § 1002.55;

(d)-(e) [Reserved]

(f) Add the amount of unreserved cash in the producer settlement fund;

(g) Subtract an amount equal to not less than 8 cents nor more than 9 cents per hundredweight of pool milk and receipts of concentrated fluid milk products for which a payment obligation is computed pursuant to § 1002.60(d)(4) to provide against the contingency of errors in reports and payments or of delinquencies in payments by handlers; and

(h) Divide the result obtained in paragraph (g) of this section by the total pounds of pool milk delivered by dairy farmers and the total pounds of concentrated fluid milk products for which a payment obligation is computed pursuant to § 1002.60(d)(4). The result shall be known as the uniform price.