H.R.1028 - Mount Rushmore Commemorative Coin Act101st Congress (1989-1990)
|Sponsor:||Rep. Johnson, Tim [D-SD-At Large] (Introduced 02/21/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/16/1990 Became Public Law No: 101-332. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Text: H.R.1028 — 101st Congress (1989-1990)All Information (Except Text)
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--H.R.1028-- H.R.1028 One Hundred First Congress of the United States of America AT THE SECOND SESSION Begun and held at the City of Washington on Tuesday, the twenty-third day of January, one thousand nine hundred and ninety An Act To require the Secretary of the Treasury to mint coins in commemoration of the Golden Anniversary of the Mount Rushmore National Memorial. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the `Mount Rushmore Commemorative Coin Act'. SEC. 2. COIN SPECIFICATIONS. (a) Five Dollar Gold Coins- (1) ISSUANCE- The Secretary of the Treasury (hereafter in this Act referred to as the `Secretary') shall issue not more than 500,000 five dollar coins which shall weigh 8.359 grams, have a diameter of 0.850 inches, and shall contain 90 percent gold and 10 percent alloy. (2) DESIGN- The design of such five dollar coins shall be emblematic of the Mount Rushmore National Memorial. On each such five dollar coin there shall be a designation of the value of the coin, an inscription of the year `1991', and inscriptions of the words `Liberty', `In God we Trust', `United States of America', and `E Pluribus Unum'. (b) One Dollar Silver Coins- (1) ISSUANCE- The Secretary shall issue not more than 2.5 million one dollar coins which shall weigh 26.73 grams, have a diameter of 1.500 inches, and shall contain 90 percent silver and 10 percent copper. (2) DESIGN- The design of such dollar coins shall be emblematic of the Mount Rushmore National Memorial. On each such coin there shall be a designation of the value of the coin, an inscription of the year `1991', and inscriptions of the words `Liberty', `In God We Trust', `United States of America', and `E Pluribus Unum'. (c) HALF DOLLAR CLAD COINS- (1) ISSUANCE- The Secretary shall issue not more than 2.5 million half dollar coins which shall be minted to the specifications for half dollar coins contained in section 5112(b) of title 31, United States Code. (2) DESIGN- The design of such half dollar coins shall be emblematic of the Mount Rushmore National Memorial. On each such coin there shall be a designation of the value of the coin, an inscription of the year `1991', and inscriptions of the words `Liberty', `In God we Trust', `United States of America', and `E Pluribus Unum'. (d) LEGAL TENDER- The coins issued under this Act shall be legal tender as provided in section 5103 of title 31, United States Code. SEC. 3. SOURCES OF BULLION. (a) GOLD- The Secretary shall obtain gold for the coins minted under this Act pursuant to the authority of the Secretary under existing law. (b) SILVER- The Secretary shall obtain silver for the coins minted under this Act from stockpiles established under the Strategic and Critical Minerals Stock Piling Act (50 U.S.C. 98 et seq.). SEC. 4. SELECTION OF DESIGN. The design for each coin authorized by this Act shall be selected by the Secretary after consultation with the Mount Rushmore National Memorial Society of Black Hills (hereafter in this Act referred to as the `Society') and the United States Commission of Fine Arts. SEC. 5. SALE OF COINS. (a) SALE PRICE- Notwithstanding any other provision of law, the coins issued under this Act shall be sold by the Secretary at a price equal to the face value, plus the cost of designing and issuing such coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping). (b) BULK SALES- The Secretary shall make bulk sales at a reasonable discount. (c) PREPAID ORDERS AT A DISCOUNT- The Secretary shall accept prepaid orders for the coins prior to the issuance of such coins. Sales under this subsection shall be at a reasonable discount. (d) SURCHARGE REQUIRED- All sales shall include a surcharge of $35 per coin for the five dollar coins, $7 per coin for the one dollar coins, and $1 for the half dollar coins. SEC. 6. ISSUANCE OF THE COINS. (a) PERIOD FOR ISSUANCE- The coins authorized under this Act shall be issued only during 1991. (b) PROOF AND UNCIRCULATED COINS- The coins authorized under this Act shall be issued in uncirculated and proof qualities and not more than 1 facility of the Bureau of the Mint may be used to strike any particular combination of denomination and quality. SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS. No provision of law governing procurement or public contracts shall be applicable to the procurement of goods or services necessary for carrying out the provisions of this Act. Nothing in this section shall relieve any person entering into a contract under the authority of this Act from complying with any law relating to equal employment opportunity. SEC. 8. DISTRIBUTION OF SURCHARGES. Of the total surcharges received by the Secretary from the sale of the coins issued under this Act-- (1) 50 percent shall be returned to the Federal Treasury for purposes of reducing the national debt; and (2) 50 percent shall be promptly paid by the Secretary to the Society to assist the Society's efforts to improve, enlarge, and renovate the Mount Rushmore National Memorial. SEC. 9. AUDITS. The Comptroller General shall have the right to examine such books, records, documents, and other data of the Society as may be related to the expenditure of amounts paid under section 8. SEC. 10. COINAGE PROFIT FUND. Notwithstanding any other provision of law-- (1) all amounts received from the sale of coins issued under this Act shall be deposited in the coinage profit fund; (2) the Secretary shall pay the amounts authorized under this Act from the coinage profit fund to the Mount Rushmore National Memorial Society of Black Hills; and (3) the Secretary shall charge the coinage profit fund with all expenditures under this Act. SEC. 11. FINANCIAL ASSURANCES. (a) The Secretary shall take such actions as may be necessary to ensure that the minting and issuance of the coins referred to in section 2 shall not result in any net cost to the Federal Government. (b) No coin shall be issued under this Act unless the Secretary has received-- (1) full payment therefor; (2) security satisfactory to the Secretary to indemnify the United States for full payment; or (3) a guarantee of full payment satisfactory to the Secretary from a depository institution whose deposits are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. Speaker of the House of Representatives. Vice President of the United States and President of the Senate.