H.R.1658 - Operation Desert Storm Commemorative Coin Act102nd Congress (1991-1992)
|Sponsor:||Rep. Zeliff, William H., Jr. [R-NH-1] (Introduced 03/22/1991)|
|Committees:||House - Banking, Finance, and Urban Affairs|
|Latest Action:||House - 04/15/1991 Referred to the Subcommittee on Consumer Affairs and Coinage. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Text: H.R.1658 — 102nd Congress (1991-1992)All Information (Except Text)
There is one version of the bill.
Text available as:
- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
HR 1658 IH 102d CONGRESS 1st Session H. R. 1658 To provide for minting of coins in commemoration of Operation Desert Storm. IN THE HOUSE OF REPRESENTATIVES March 22, 1991 Mr. ZELIFF (for himself, Mr. HORTON, Mr. MCNULTY, Mr. MACHTLEY, Mr. LAGOMARSINO, Mr. SANTORUM, Mr. EMERSON, Mr. POSHARD, Mr. LIPINSKI, Mr. RAMSTAD, Mr. CLEMENT, Mr. HOBSON, Mr. FRANKS of Connecticut, Mr. SAXTON, Mr. ZIMMER, Mr. ALLARD, Mr. GILCHREST, Mr. CUNNINGHAM, Mr. HAMMERSCHMIDT, Mr. BROOMFIELD, Mr. ROHRABACHER, Mr. SWETT, Mr. CHANDLER, Mr. FALEOMAVAEGA, Mr. ESPY, Mr. ANNUNZIO, Mr. DOOLITTLE, Mr. BILIRAKIS, Mrs. VUCANOVICH, Mr. HUBBARD, JR., Mr. KASICH, Mr. KOLBE, Mr. ABERCROMBIE, Mr. SCHAEFER, Mr. CAMP, Mr. BREWSTER, Mr. GINGRICH, Mr. EDWARDS of Oklahoma, Ms. SNOWE, Mr. THOMAS of Wyoming, Mr. HERGER, Mr. LAUGHLIN, Mr. SPRATT, JR., Mr. BURTON of Indiana, Mr. TAYLOR, Mr. SPENCE, Mr. BATEMAN, Mr. SLAUGHTER, JR. of Virginia, Mr. BALLENGER, Mr. HUNTER, Mr. DELAY, Mr. MCCOLLUM, Mr. WEBER, Mr. LEWIS of California, Mr. TOWNS, Mr. UPTON, Mr. LIVINGSTON, Mr. IRELAND, Mr. TAYLOR of North Carolina, Mr. BARRETT, Mr. BEREUTER, Mr. GIBBONS, Mr. SCHEUER, Mr. SLATTERY, Mr. BENNETT, Mr. HUTTO, Mr. MURPHY, Mr. TALLON, Mr. SKEEN, Mr. HANCOCK, Mr. STALLINGS, Mr. STAGGERS, JR., Mr. MORAN, Ms. KAPTUR, Mr. BUNNING, Mr. BARNARD, JR., Mr. LANCASTER, Mr. HASTERT, Mr. PAXON, Mr. GOSS, Mr. VANDER JAGT, and Mr. JAMES) introduced the following bill; which was referred to the Committee on Banking, Finance and Urban Affairs A BILL To provide for minting of coins in commemoration of Operation Desert Storm. 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 `Operation Desert Storm Commemorative Coin Act'. SEC. 2. COIN SPECIFICATIONS. (a) ONE DOLLAR COINS- (1) ISSUANCE- The Secretary of the Treasury (hereafter in this Act referred to as the `Secretary') shall issue not more than 50,000,000 one dollar coins which shall weigh 26.73 grams and have a diameter of 1.50 inches, and shall contain 90 percent silver and 10 percent copper. (2) DESIGN- The design of such one dollar coins shall be emblematic of Operation Desert Storm, the allied military operation that freed Kuwait from Iraqi occupation. On each such one dollar coin there shall be a designation of the value of the coin, an inscription of the year of issue, and inscriptions of the words `Liberty', `In God We Trust', `United States of America', and `E Pluribus Unum'. (b) TEN DOLLAR COINS- (1) ISSUANCE- The Secretary shall issue not more than 2,000,000 ten dollar coins which shall weigh 16.718 grams, have a diameter of 1.06 inches and shall contain 90 percent gold and 10 percent copper. (2) DESIGN- The design of such ten dollar coins shall be emblematic of Operation Desert Storm, the allied military operation that freed Kuwait from Iraqi occupation. On each such ten dollar coin there shall be a designation of the value of the coin, an inscription of the year of issue, and inscriptions of the words `Liberty', `In God We Trust', `United States of America', and `E Pluribus Unum'. (c) 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 section 2(a) 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 section 2(b) pursuant to the authority of the Secretary under existing law. SEC. 4. ISSUANCE OF THE COINS. (a) COMMENCEMENT OF ISSUANCE- The coins authorized and minted under this Act may be issued beginning 6 months after the date of the enactment of this Act. (b) TERMINATION OF AUTHORITY- the coins authorized and minted under this Act may not be minted after 30 months after the date of the enactment of this Act. (c) PROOF AND UNCIRCULATED COINS- The coins authorized under this Act shall be issued in uncirculated and proof qualities and shall be struck at no more than one facility of the United States Mint. SEC. 5. SALE OF THE COINS. (a) IN GENERAL- (1) PRICE- 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 paragraph (4). (2) BULK SALES- The Secretary shall make bulk sales at a reasonable discount. (3) PREPAID ORDERS- The Secretary shall accept prepaid orders for the coins minted under this Act prior to the issuance of such coins. Sales under this subsection shall be at a reasonable discount. (4) SURCHARGES- All sales of coins minted under this Act shall include a surcharge, established by the Secretary, of not less than $10 per coin for one dollar coins and not less than $50 per coin for ten dollar coins. (b) SALE WITHIN THE UNITED STATES- Notwithstanding any other provision of law, the coins issued under this Act shall be sold within the United States, including United States military and diplomatic establishments outside the United States. (c) SALE OUTSIDE THE UNITED STATES- (1) IN GENERAL- The Secretary shall assign the rights to market the coins outside the United States, excluding United States military and diplomatic establishments outside the United States, to a marketing organization selected under paragraph (2). (2) MARKETING ORGANIZATION- (A) SOLICITATION OF PROPOSALS- Within 60 days after the date of the enactment of this Act, the Secretary of the Treasury and the president of the United Service Organizations shall solicit, in accordance with procedures specified by the Secretary of the Treasury, proposals from marketing organizations to carry out a marketing agreement. (B) CRITERIA FOR PROPOSALS- Such procedures shall include the publication of evaluation criteria that will serve as a basis for selecting one or more marketing organizations, and such criteria shall include-- (i) the financial resources and coin marketing experiences of the marketing organization; (ii) the estimated proceeds from the sale or other disposition of the coins; (iii) the commitment of the marketing organization to purchase a certain minimum number of such coins or to pay the surcharge on such coins; and (iv) the terms and conditions for the marketing of the coins, including-- (I) proper and equitable distribution of the coins, and (II) accurate and otherwise appropriate advertising materials to be used in promoting the coins. (C) SELECTION PROCESS- Within 120 days after the date of the enactment of this Act, the Secretary of the Treasury and the president of the United Service Organizations shall consider all proposals received from marketing organizations under subparagraph (A) and select one or more marketing organizations which offer the terms for marketing of the coins most favorable in accordance with the published evaluation criteria. (d) IMPLEMENTATION AGREEMENT- (1) IN GENERAL- The Secretary shall enter into an agreement with the marketing organization selected under subsection (c) which shall provide for the implementation of such subsection and which shall include an agreement on-- (A) the price and schedule of payments for the coins; (B) the schedule and other provisions for the delivery of the coins; and (C) the proportions of proof and uncirculated coins. (2) NO NET COST TO THE FEDERAL GOVERNMENT- The Secretary and the president of the United Service Organizations shall ensure that the issuance of coins under this section results in no net cost to the Federal Government. (3) MISLEADING CLAIMS PROHIBITED- The agreement between the Secretary and the marketing organization shall direct that the marketing organization shall not use any words, perform any act, or make any statement, written or oral, which would imply or indicate, that any portion of the coins sale price to the public constitutes a tax deductible contribution. (4) TIME LIMIT- To the extent possible, the agreement between the Secretary and the marketing organization shall be concluded within 60 days of the date of the selection of the marketing organization. (5) TERMINATION- The Secretary may terminate the implementation agreement and cease minting and the delivery of the coins issued under this section if the Secretary finds that such termination is in the best interests of the United States. Reasons for such termination may include actions which are inconsistent with the terms of the implementation agreement or advertising materials that are inappropriate for advertising the sale of United States coinage or otherwise not in keeping with the dignity of the United States coinage. (e) BULK SALES AND SURCHARGES- The marketing organization assigned the rights under subsection (b) shall pay a price for the minted coins pursuant to section 5(a)(2) and (4). SEC. 6. DISTRIBUTION OF SURCHARGES. (a) IN GENERAL- The surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary as follows: (1) AMOUNTS PAID TO THE UNITED SERVICE ORGANIZATION- Subject to section 8, the Secretary shall pay to the United Service Organizations 50 percent of the amount of such surcharges so received. Such amounts shall be used to maintain United Service Organizations services and facilities. (2) AMOUNTS PAID TO REDUCE THE FEDERAL BUDGET DEFICIT- The Secretary shall return 50 percent of the amount of such surcharges so received to the federal Treasury for purposes of reducing the national debt. (b) AMOUNTS FROM ADVANCE PAYMENTS- Amounts received by the Secretary from advance sale of coins to be issued under this Act shall be paid to the United States Organizations under subsection (a), provided that any amounts paid to the United Service Organizations shall not exceed an amount equivalent to the surcharges received by the Secretary from the advance sale of coins. SEC. 7. 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. 8. AUDITS. The Comptroller General shall have the right to examine such books, records, documents, and other data of the United Service Organizations as may be related to the expenditure of amounts paid under section 6. SEC. 9. FINANCIAL ASSURANCES. (a) IN GENERAL- The Secretary shall take such actions as may be necessary to ensure that the minting and issuance of the coins authorized by this Act shall result in no net cost to the Federal 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 or the National Credit Union Administration Board.