H.R.3056 - Benjamin Franklin National Memorial Commemorative Coin Act101st Congress (1989-1990)
|Sponsor:||Rep. Gray, William H., III [D-PA-2] (Introduced 07/31/1989)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 08/15/1989 Referred to the Subcommittee on Consumer Affairs and Coinage. (All Actions)|
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Text: H.R.3056 — 101st Congress (1989-1990)All Information (Except Text)
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Introduced in House
HR 3056 IH 101st CONGRESS 1st Session H. R. 3056 To provide for the minting of coins in commemoration of the bicentennial of the death of Benjamin Franklin. IN THE HOUSE OF REPRESENTATIVES July 31, 1989 Mr. GRAY (for himself, Mr. AKAKA, Mr. ANDERSON, Mr. APPLEGATE, Mr. BEILENSON, Mr. BEREUTER, Mr. BEVILL, Mr. BILIRAKIS, Mr. BLAZ, Mr. BOEHLERT, Mr. BOUCHER, Mr. BRYANT, Mr. BURTON of Indiana, Mr. CLARKE, Mr. CLAY, Mr. CLEMENT, Mr. COLEMAN of Missouri, Mr. COLEMAN of Texas, Mr. COOPER, Mr. COUGHLIN, Mr. COYNE, Mr. DE LA GARZA, Mr. DURBIN, Mr. DYMALLY, Mr. ESPY, Mr. FRENZEL, Mr. FUSTER, Mr. GALLO, Mr. GAYDOS, Mr. GORDON, Mr. HARRIS, Mr. HAWKINS, Mr. HUBBARD, Mr. HUTTO, Mr. KLECZKA, Mr. KOSTMAYER, Mr. LANCASTER, Mr. LANTOS, Mr. LAUGHLIN, Mr. LEATH of Texas, Mr. LIVINGSTON, Mr. MCDADE, Mr. MADIGAN, Mr. MANTON, Mr. MAZZOLI, Mr. MFUME, Mr. MILLER of California, Mr. MRAZEK, Mr. MURPHY, Mr. MURTHA, Mr. NATCHER, Mr. OLIN, Ms. PELOSI, Mr. PICKETT, Mr. PICKLE, Mr. RAHALL, Mr. RAY, Mr. RICHARDSON, Mr. RITTER, Mr. ROE, Mrs. SAIKI, Mr. SCHULZE, Mr. SHUMWAY, Mr. SKAGGS, Mr. SMITH of Florida, Mr. VANDER JAGT, Mr. WALGREN, Mr. WELDON, Mr. MARTINEZ, Mr. CLINGER, Mr. DEFAZIO, Mr. JONES of North Carolina, Mr. KASICH, Mr. ROTH, and Mr. WOLPE) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To provide for the minting of coins in commemoration of the bicentennial of the death of Benjamin Franklin. 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 `Benjamin Franklin National Memorial 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 each of which shall-- (A) weigh 8.359 grams; (B) have a diameter of 0.850 inches; and (C) contain 90 percent gold and 10 percent alloy. (2) DESIGN- The design of the five dollar coins shall be emblematic of the bicentennial of the death of Benjamin Franklin. On each five dollar coin there shall be a designation of the value of the coin, an inscription of the year `1990' 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 10,000,000 one dollar coins each of which shall-- (A) weigh 26.73 grams; (B) have a diameter of 1.500 inches; and (C) contain 90 percent silver and 10 percent copper. (2) DESIGN- The design of the one dollar coins shall be emblematic of the Benjamin Franklin National Memorial as an inspiration to Americans. On each dollar coin there shall be a designation of the value of the coin, an inscription of the year `1990' 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 25,000,000 half dollar coins which shall-- (A) weigh 11.34 grams; (B) have a diameter of 1.205 inches; and (C) 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 the half dollar coins shall be emblematic of the contributions of Benjamin Franklin to the United States. On each half dollar coin there shall be a designation of the value of the coin, an inscription of the year `1990', 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) SILVER- The Secretary shall obtain silver for the coins minted under this Act from stocks of silver held by the Secretary or from any other federally owned stocks of silver. (b) GOLD- The Secretary shall obtain gold for the coins minted under this Act pursuant to the authority of the Secretary under existing law. SEC. 4. DESIGN OF THE COINS. The design for each coin authorized by this Act shall be selected by the Secretary after consultation with the Chairman of the Benjamin Franklin National Memorial at the Franklin Institute and the Chairman of the Commission of Fine Arts. SEC. 5. SALE OF THE COINS. (a) IN GENERAL- 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, and overhead expenses) and the surcharge provided for in subsection (d). (b) BULK SALES- The Secretary shall make bulk sales at a reasonable discount to reflect the lower costs of such sales. (c) PREPAID ORDERS- 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 to reflect the benefit of prepayment. (d) SURCHARGES- All sales shall include a surcharge of $35 per coin for the five dollar coins, $7 per coin for the one dollar coins, and $2 for the half dollar coins. SEC. 6. ISSUANCE OF THE COINS. (a) FIVE DOLLAR COINS- The gold coins authorized by this Act shall be issued in proof quality only and shall be struck at no more than one facility of the United States Mint. (b) ONE DOLLAR AND HALF DOLLAR COINS- The one dollar and half dollar coins authorized under this Act may be issued in uncirculated and proof qualities, except that not more than one facility of the United States Mint may be used to strike any particular combination of denomination and quality. (c) COMMENCEMENT OF ISSUANCE- The Secretary may issue the coins minted under this Act beginning on October 1, 1989. (d) TERMINATION OF AUTHORITY- No coins shall be minted under this Act after December 31, 1990. SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS. (a) IN GENERAL- Except as provided in subsection (b), 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. (b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not 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. All surcharges which are received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the Benjamin Franklin National Memorial (The Franklin Institute). Such amounts shall be used-- (1) to restore and renovate the Benjamin Franklin National Memorial; (2) to construct or renovate adjoining areas of the Franklin Institute relating to the various interests of Benjamin Franklin, such as science, education, and government; (3) for exhibits in the Memorial or in the adjoining areas of the Franklin Institute relating to Franklin or to science and education; (4) for capital funds for construction of access, parking, and related facilities; (5) for funds for the acquisition and preservation of artifacts relating to Franklin; and (6) to establish an endowment in an amount determined sufficient by the Memorial, in consultation with the Secretary of the Interior, to ensure the continued upkeep and maintenance of the Memorial. SEC. 9. AUDITS. As a condition for receiving the proceeds of the surcharges provided for in section 5(d), the Benjamin Franklin National Memorial shall allow the Comptroller General to examine such books, records, documents, and other data of the Memorial as may be related to the expenditure of amounts paid, and the management and expenditures of the endowment established, under section 8. SEC. 10. FINANCIAL ASSURANCES. (a) NO NET COST TO THE GOVERNMENT- The Secretary shall take all actions necessary to ensure that the issuance of the coins authorized by this Act shall result in no net cost to the United States Government. (b) PAYMENT FOR COINS- 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, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration Board.