Text: H.R.4962 — 101st Congress (1989-1990)All Information (Except Text)

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--H.R.4962--
H.R.4962
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 authorize the minting of commemorative coins to support the training of
American athletes participating in the 1992 Olympic Games.
 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 `1992 Olympic Commemorative Coin Act'.
SEC. 2. COIN SPECIFICATIONS.
 (a) Five Dollar Gold Coins-
 (1) ISSUANCE- The Secretary of the Treasury (hereinafter in this Act
 referred to as the `Secretary') shall issue not more than 500,000 $5 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 $5 coins shall be emblematic of the
 participation of American athletes in the 1992 Olympic Games. On each such
 coin there shall be a designation of the value of the coin, an inscription of
 the year `1992', 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 4,000,000 $1 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 the $1 coins shall be emblematic of the
 participation of American athletes in the 1992 Olympic Games. On each such
 coin there shall be a designation of the value of the coin, an inscription of
 the year `1992', 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 6,000,000 half dollar
 coins each of 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 participation of American athletes in the 1992 Olympic Games. Each
 half dollar coin shall bear a designation of the value of the coin, an
 inscription of the year `1992', 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 BULLION- The Secretary shall obtain silver for the coins minted
 under this Act only from stockpiles established under the Strategic and
 Critical Materials Stock Piling Act.
 (b) GOLD BULLION- The Secretary shall obtain gold for the coins minted
 under this Act pursuant to the authority of the Secretary under existing law.
SEC. 4. SELECTION OF DESIGN.
 The design for each coin authorized by this Act shall be selected by the
 Secretary after consultation with the United States Olympic Committee and
 the Commission of Fine Arts.
SEC. 5. SALE OF THE 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, and overhead expenses).
 (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 $5 coins, $7 per coin for the $1 coins, and $1 per coin for
 the half dollar coins.
SEC. 6. ISSUANCE OF THE COINS.
 (a) GOLD COINS- The $5 coins authorized under this Act shall be issued in
 uncirculated and proof qualities and shall be struck at the United States
 Bullion Depository at West Point.
 (b) SILVER AND HALF DOLLAR COINS- The $1 coins and the half dollar coins
 authorized under this Act may be issued in uncirculated and proof qualities,
 except that not more than 1 facility of the Bureau of the Mint may be used
 to strike any particular combination of denomination and quality.
 (c) SUNSET PROVISION- No coins shall be minted under this Act after June
 30, 1993.
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.
 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
 United States Olympic Committee. Such amounts shall be used by the United
 States Olympic Committee for the objects and purposes of the committee as
 established in the Amateur Sports Act of 1978.
SEC. 9. AUDITS.
 The Comptroller General shall have the right to examine such books, records,
 documents, and other data of the United States Olympic Committee 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; and
 (3) the Secretary shall charge the coinage profit fund with all expenditures
 under this Act.
SEC. 11. 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) ADEQUATE SECURITY FOR PAYMENT REQUIRED- 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 Board.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.