Commodity Letter of Credit Act

[AI summary unavailable — showing source text] Commodity Letter of Credit Act - Amends the National School Lunch Act to direct the Secretary of Agriculture to issue commodity letters of credit each fiscal year to each State participating in the food service programs under such Act or under the Child Nutrition Act of 1966 for the purchase of domestic agricultural commodities and other foods for use in carrying out these programs. Directs the Secretary to specify the types of commodities and other foods to be purchased with such letters, with special emphasis to be given to high protein foods. Establishes the national average value of commodity letters of credit for fiscal year 1981. Sets forth the formula for the periodic adjustment of such average. Apportions such letters to each State based upon the number of school lunches served in such State. Directs each State to further apportion the value of the letters received to each school based upon the number of lunches served in such school. Directs the Secretary to forward to each State an advance program payment to be used by the State under the letters for the purchase of foods for the requirements of lunches and breakfasts. Substitutes such commodity letter program for the dir…