Text: H.R.3056 — 101st Congress (1989-1990)All Information (Except Text)

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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.