H.R.2801 - World Cup USA 1994 Commemorative Coin Act102nd Congress (1991-1992)
|Sponsor:||Rep. Torres, Estaban Edward [D-CA-34] (Introduced 06/26/1991)|
|Committees:||House - Banking, Finance, and Urban Affairs | Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 08/01/1991 Received in the Senate and read twice and referred to the Committee on Banking. (All Actions)|
This bill has the status Passed House
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- Passed House
Text: H.R.2801 — 102nd Congress (1991-1992)All Information (Except Text)
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Referred in Senate
HR 2801 RFS 102d CONGRESS 1st Session H. R. 2801 IN THE SENATE OF THE UNITED STATES AUGUST 1 (legislative day, JULY 8), 1991 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To authorize the minting of legal tender coins to commemorate the 1994 World Cup and to provide a financial legacy to youth and amateur soccer in the United States. 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 `World Cup USA 1994 Commemorative Coin Act'. SEC. 2. COIN SPECIFICATIONS. (a) FIVE DOLLAR GOLD COINS- The Secretary of the Treasury (hereafter in this Act referred to as the `Secretary') shall issue not more than 750,000 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. (b) ONE DOLLAR SILVER COINS- The Secretary shall issue not more than 5,000,000 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. (c) HALF DOLLAR CLAD COINS- The Secretary shall issue not more than 5,000,000 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. (d) LEGAL TENDER- The coins issued under this Act shall be legal tender as provided in section 5103 of title 31, United States Code. (e) NUMISMATIC ITEMS- For purposes of section 5132(a)(1) of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. 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 Materials Stock Piling Act (50 U.S.C. 98 et seq.). SEC. 4. DESIGN. (a) DESIGN REQUIREMENTS- The design of each coin authorized hereunder shall include the official 1994 World Cup logo adopted by World Cup USA 1994, Inc., the organizing committee for the event (hereafter referred to as the `Organizing Committee') and shall reflect the unique appeal of soccer. On each coin authorized hereunder there shall be a designation of the value of the coin, and inscriptions of the words `United States of America', `E Pluribus Unum', `In God We Trust', `Liberty' and `World Cup USA 1994'. (b) DESIGN COMPETITION- The Director of the United States Mint shall sponsor a nationwide open competition for the design of each coin authorized hereunder beginning not later than 3 months and concluding not later than 9 months after the date of the enactment of this Act. The Director of the United States Mint shall select 10 designs for each coin to be submitted to the Secretary, who shall select the final design for each such coin in consultation with the Organizing Committee. 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. (e) WORLD CUP COMMUNITIES- The Secretary shall use best efforts to market World Cup coins in the United States with particular focus on communities in which World Cup games are held. (f) INTERNATIONAL SALES- The Secretary, in cooperation with the Organizing Committee, shall develop an International Marketing Program to promote and sell coins outside the United States. (g) REPORTS TO CONGRESS- (1) REQUIRED- Not later than 15 days after the last day of each month which begins before January 1, 1996, the Secretary shall submit a report describing in detail the activities carried out under this Act to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Commitee on Banking, Housing, and Urban Affairs of the Senate. (2) CONTENTS OF REPORT- Each report submitted pursuant to paragraph (1) shall include a review of all marketing activities under this section and a financial statement which details sources of funds, surcharges generated, and expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping. SEC. 6. ISSUANCE OF THE COINS. (a) PERIOD FOR ISSUANCE- The coins authorized under this Act shall be minted and available for issue no later than January 3, 1994, but shall be issued only during 1994. (b) PROOF AND UNCIRCULATED COINS- The coins authorized under this Act shall be issued in uncirculated and proof qualities. (c) BUREAUS OF THE MINT- 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. (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. (a) IN GENERAL- 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 Organizing Committee. All remaining funds from the sale of the coins authorized under this Act shall be deemed to be surcharges and transmitted in accordance with this section. (b) USE OF PROCEEDS- Amounts received under subsection (a) shall be used by the Organizing Committee for purposes of organizing and staging the 1994 World Cup, with 10 percent of such funds to be made available through the United States Soccer Federation Foundation, Inc., for distribution to institutions for scholastic scholarships to qualified students. SEC. 9. AUDITS. The Comptroller General shall have the right to examine such books, records, documents and other data of the Organizing 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 to the Organizing Committee; and (3) the Secretary shall charge the coinage profit fund with all expenditures under this Act. SEC. 11. FINANCIAL ASSURANCES. (a) NO NET COST- 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) PAYMENT ASSURANCES- 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; (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. Passed the House of Representatives July 31, 1991. Attest: Clerk.