Text: H.R.3337 — 102nd Congress (1991-1992)All Information (Except Text)

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--H.R.3337--
H.R.3337
One Hundred Second Congress of the United States of America
AT THE SECOND SESSION
Begun and held at the City of Washington on Friday, the third day of January,
one thousand nine hundred and ninety-two
An Act
To require the Secretary of the Treasury to mint coins in commemoration of the
200th anniversary of the White House, and for other purposes.
 Be it enacted by the Senate and House of Representatives of the United
 States of America in Congress assembled,
TITLE I--1992 WHITE HOUSE COMMEMORATIVE COINS
SEC. 101. SHORT TITLE.
 This title may be cited as the `1992 White House Commemorative Coin Act'.
SEC. 102. COIN SPECIFICATIONS.
 (a) One Dollar Silver Coins-
 (1) ISSUANCE- The Secretary shall issue not more than five hundred thousand
 (500,000) 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.
 (2) DESIGN- The design of such dollar coins shall be emblematic of the
 White House. 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) LEGAL TENDER- The coins issued under this title shall be legal tender
 as provided in section 5103 of title 31, United States Code.
SEC. 103. SOURCES OF BULLION.
 The Secretary shall obtain silver for the coins minted under this title
 from stockpiles established under the Strategic and Critical Minerals Stock
 Piling Act (50 U.S.C. 98 et seq.).
SEC. 104. SELECTION OF DESIGN.
 The design for each coin authorized by this title shall be selected by
 the Secretary after consultation with the Curator of the White House,
 the Commission of Fine Arts, and the White House Historical Association.
SEC. 105. SALE OF COINS.
 (a) SALE PRICE- Notwithstanding any provision of law, the coins issued under
 this title 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) 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 to reflect the benefit of prepayment.
 (c) SURCHARGE REQUIRED- All sales shall include a surcharge of $10 per coin.
SEC. 106. ISSUANCE OF THE COINS.
 (a) PERIOD FOR ISSUANCE- The coins authorized under this title shall be
 available for issue not later than May 1, 1992, but shall be issued only
 during the 1-year period beginning on such date.
 (b) PROOF AND UNCIRCULATED COINS- The coins authorized under this title
 shall be issued in uncirculated and proof qualities. Not more than one
 facility of the Bureau of the Mint may be used to strike any particular
 combination of denomination and quality.
SEC. 107. 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 title. Nothing in this section shall relieve
 any person entering into a contract under the authority of this title from
 complying with any law relating to equal employment opportunity.
SEC. 108. DISTRIBUTION OF SURCHARGES.
 The total surcharges received by the Secretary from the sale of the coins
 issued under this title shall be promptly paid by the Secretary to The
 White House Endowment Fund (The Fund) to assist The Fund's efforts to
 raise an endowment to be a permanent source of support for the White House
 Collection of fine art and historic furnishings, and for the maintenance
 of the historic public rooms of the White House.
SEC. 109. AUDITS.
 The Comptroller General shall have the right to examine such books, records,
 documents, and other data of The Fund as may be related to the expenditure
 of amounts paid under section 108.
SEC. 110. COINAGE PROFIT FUND.
 Notwithstanding any provision of law--
 (1) all amounts received from the sale of coins issued under this title
 shall be deposited in the coinage profit fund;
 (2) the Secretary shall pay the amounts authorized under this title from
 the coinage profit fund to The White House Endowment Fund; and
 (3) the Secretary shall charge the coinage profit fund with all expenditures
 under this title.
SEC. 111. FINANCIAL ASSURANCES.
 (a) The Secretary shall take such actions as may be necessary to ensure that
 the minting and issuance of the coins referred to in section 102 shall not
 result in any net cost to the Federal Government.
 (b) No coin shall be issued under this title unless the Secretary has
 received--
 (1) full payment for such coin;
 (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.
TITLE II--WORLD CUP USA 1994 COMMEMORATIVE COINS
SEC. 201. SHORT TITLE.
 This title may be cited as the `World Cup USA 1994 Commemorative Coin Act'.
SEC. 202. COIN SPECIFICATIONS.
 (a) FIVE DOLLAR GOLD COINS- The Secretary of the Treasury (hereafter in this
 title 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 title shall be legal tender
 as provided in section 5103 of title 31, United States Code.
SEC. 203. SOURCES OF BULLION.
 (a) GOLD- The Secretary shall obtain gold for the coins minted under this
 title pursuant to the authority of the Secretary under existing law.
 (b) SILVER- The Secretary shall obtain silver for the coins minted under
 this title from stockpiles established under the Strategic and Critical
 Materials Stock Piling Act (50 U.S.C. 98 et seq.).
SEC. 204. 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 entitlement of this title. 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. 205. SALE OF COINS.
 (a) SALE PRICE- Notwithstanding any other provision of law, the coins issued
 under this title 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 title to the Committee on
 Banking, Finance and Urban Affairs of the House of Representatives and the
 Committee 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. 206. ISSUANCE OF THE COINS.
 (a) PERIOD FOR ISSUANCE- The coins authorized under this title 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 title
 shall be issued in uncirculated and proof qualities.
 (c) BUREAU 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. 207. 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 title.
 (b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not relieve any
 person entering into a contract under the authority of this title from
 complying with any law relating to equal employment opportunity.
SEC. 208. DISTRIBUTION OF SURCHARGES.
 (a) IN GENERAL- All surcharges which are received by the Secretary from
 the sale of coins issued under this title shall be promptly paid by the
 Secretary to the Organizing Committee.
 (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. 209. 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 208.
SEC. 210. COINAGE PROFIT FUND.
 Notwithstanding any other provision of law--
 (1) all amounts received from the sale of coins issued under this title
 shall be deposited in the coinage profit fund;
 (2) the Secretary shall pay the amounts authorized under this title from
 the coinage profit fund to the Organizing Committee; and
 (3) the Secretary shall charge the coinage profit fund with all expenditures
 under this title.
SEC. 211. 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
 202 shall not result in any net cost to the Federal Government.
 (b) PAYMENT ASSURANCES- No coin shall be issued under this title unless
 the Secretary has received--
 (1) full payment for such coin;
 (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.
TITLE III--SILVER MEDALS FOR VETERANS OF THE PERSIAN GULF CONFLICT
SEC. 301. PURPOSE.
 It is the purpose of this title to commemorate the sacrifices made and service
 rendered to the United States by members of the United States Armed Forces
 who serve in a combat zone in connection with the Persian Gulf conflict.
SEC. 302. SILVER CONGRESSIONAL COMMEMORATIVE MEDAL.
 (a) IN GENERAL- The Secretary of the Treasury shall design and strike a silver
 medal with suitable emblems, devices, and inscriptions to be determined by
 the Secretary in commemoration of the sacrifices made and service rendered
 to the United States by members of the United States Armed Forces referred
 to in section 303(a).
 (b) SOURCE OF BULLION- The Secretary of the Treasury shall obtain silver for
 minting coins under this title only from stockpiles established under the
 Strategic and Critical Minerals Stock Piling Act (50 U.S.C. 98 et seq.) and
 such silver shall be furnished to the Secretary at no cost by the custodian
 of the stockpile.
SEC. 303. ELIGIBILITY TO RECEIVE MEDAL.
 (a) IN GENERAL- Any member of the United States Armed Forces who serves in
 a combat zone in connection with the Persian Gulf conflict shall be eligible
 for a silver medal referred to in section 302.
 (b) DETERMINATION- Eligibility under subsection (a) shall be determined by
 the Secretary of Defense and such Secretary shall establish a list of the
 names of such eligible individuals before the end of the 120-day period
 beginning on the date of the entitlement of this title.
 (c) NEXT OF KIN- If any member referred to in subsection (a) is deceased, the
 next of kin of such member may receive the medal referred to in section 302.
 (d) DELIVERY- The medals struck pursuant to section 302(a) shall be
 delivered by the Secretary of the Treasury to the Secretary of Defense and
 the Secretary of Defense shall arrange for the distribution of the medals
 to the eligible individuals.
SEC. 304. NATIONAL MEDALS.
 The medals struck pursuant to this title are national medals for purposes
 of chapter 51 of title 31, United States Code.
SEC. 305. DUPLICATE MEDALS.
 (a) STRIKING AND SALE- The Secretary of the Treasury may strike and sell
 duplicates in bronze of the silver medal described in section 302 under such
 regulations as the Secretary may prescribe, at a price sufficient to cover
 the cost of duplicates and the cost of designing and striking the medals
 under section 302, including labor, materials, dies, use of machinery,
 and overhead expenses.
 (b) PROCEEDS IN EXCESS OF COST TO BE USED TO REDUCE THE NATIONAL DEBT-
 Any amount received by the Secretary of the Treasury from the sale of
 duplicate medals under subsection (a) in excess of the costs described in
 such subsection shall be deposited in the general fund of the Treasury and
 shall be used for the sole purpose of reducing the national debt.
SEC. 306. 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 and services necessary for carrying out the provisions
 of this title.
 (b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not relieve any
 person entering into a contract under the authority of this title from
 complying with any law relating to equal employment opportunity.
SEC. 307. FINANCIAL ASSURANCES.
 (a) NO NET COST TO THE GOVERNMENT- The Secretary shall take such actions
 as may be necessary to ensure that minting and issuing medals under this
 title will not result in any net cost to the United States Government.
 (b) NO EXPENDITURES IN ADVANCE OF RECEIPT OF FUNDS- The Secretary of the
 Treasury shall not strike, mint, or distribute the medals described in section
 302 until such time as the Secretary certifies that sufficient funds have been
 received by the Secretary under section 305 or from donations from private
 persons to ensure that striking, minting, and issuing medals described in
 section 302 will not result in any net cost to the United States Government.
TITLE IV--CHRISTOPHER COLUMBUS QUINCENTENARY COINS AND FELLOWSHIP FOUNDATION
SEC. 400. SHORT TITLE.
 This title may be cited as the `Frank Annunzio Act'.
Subtitle A--Christopher Columbus Quincentenary Coins
SEC. 401. SHORT TITLE.
 This subtitle may be cited as the `Christopher Columbus Quincentenary
 Coin Act'.
SEC. 402. SPECIFICATIONS OF COINS.
 (a) FIVE DOLLAR GOLD COINS-
 (1) ISSUANCE- The Secretary of the Treasury (hereinafter in this subtitle
 referred to as the `Secretary') shall mint and issue not more than 500,000
 five dollar coins each of which shall--
 (A) weigh 8.359 grams;
 (B) have a diameter of .850 inches; and
 (C) be composed of 90 percent gold and 10 percent alloy.
 (2) DESIGN- The design of the five dollar coins shall, in accordance with
 section 404, bear a likeness of Christopher Columbus. Each five 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'.
 (b) ONE DOLLAR SILVER COINS-
 (1) ISSUANCE- The Secretary shall mint and issue not more than 4,000,000
 one dollar coins each of which shall--
 (A) weigh 26.73 grams;
 (B) have a diameter of 1.500 inches; and
 (C) be composed of 90 percent silver and 10 percent copper.
 (2) DESIGN- The design of the one dollar coins shall, in accordance
 with section 404, be emblematic of the quincentenary of the discovery of
 America. Each one 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'.
 (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, in accordance
 with section 404, be emblematic of the quincentenary of the discovery of
 America. 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 minted under this subtitle shall be legal tender
 as provided in section 5103 of title 31, United States Code.
SEC. 403. SOURCES OF BULLION.
 (a) GOLD- The Secretary shall obtain gold for minting coins under this
 subtitle pursuant to the authority of the Secretary under existing law.
 (b) SILVER- The Secretary shall obtain silver for minting coins under this
 subtitle only from stockpiles established under the Strategic and Critical
 Minerals Stock Piling Act (50 U.S.C. 98 et seq.).
SEC. 404. DESIGN OF COINS.
 The design for each coin authorized by this subtitle shall be selected by
 the Secretary after consultation with the Christopher Columbus Fellowship
 Foundation and the Commission of Fine Arts.
SEC. 405. ISSUANCE OF COINS.
 (a) FIVE DOLLAR COINS- The five dollar coins minted under this subtitle
 may be issued in uncirculated and proof qualities and shall be struck at
 the United States Mint at West Point, New York.
 (b) ONE DOLLAR AND HALF DOLLAR COINS- The one dollar and half dollar coins
 minted under this subtitle may be issued in uncirculated and proof qualities,
 except that not more than one facility of the Bureau of the Mint may be
 used to strike any particular combination of denomination and quality.
 (c) PERIOD OF ISSUANCE- The Secretary may issue the coins minted under this
 subtitle during the period beginning on January 1, 1992, and ending on June
 30, 1993.
SEC. 406. SALE OF COINS.
 (a) IN GENERAL- Notwithstanding any other provision of law, the Secretary
 shall sell the coins minted under this subtitle at a price equal to the face
 value, plus the cost of designing and issuing the coins (including labor,
 materials, dies, use of machinery, and overhead expenses).
 (b) BULK SALES- The Secretary shall make any bulk sales of the coins minted
 under this subtitle at a reasonable discount.
 (c) PREPAID ORDERS- The Secretary shall accept prepaid orders for the coins
 minted under this subtitle prior to the issuance of such coins. Sale prices
 with respect to such prepaid orders shall be at a reasonable discount.
 (d) SURCHARGES- All sales of coins minted under this subtitle shall include
 a surcharge of $35 per coin for the five dollar coins, $7 per coin for the
 one dollar coins, and $1 per coin for the half dollar coins.
SEC. 407. FINANCIAL ASSURANCES.
 (a) NO NET COST TO THE GOVERNMENT- The Secretary shall take such actions
 as may be necessary to ensure that minting and issuing coins under this
 subtitle will not result in any net cost to the United States Government.
 (b) PAYMENT FOR COINS- A coin shall not be issued under this subtitle unless
 the Secretary has received--
 (1) full payment for the coin;
 (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.
SEC. 408. USE OF SURCHARGES.
 (a) IN GENERAL- The surcharges that are received by the Secretary from
 the sale of coins minted under this subtitle shall be deposited in the
 Christopher Columbus Fellowship Fund and be available to the Christopher
 Columbus Fellowship Foundation.
 (b) AUDITS- The Comptroller General shall have the right to examine such
 books, records, documents, and other data of the Christopher Columbus
 Fellowship Foundation as may be related to the expenditure of amounts paid
 under subsection (a).
SEC. 409. 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 and services necessary for carrying out the provisions
 of this subtitle.
 (b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not relieve any
 person entering into a contract under the authority of this subtitle from
 complying with any law relating to equal employment opportunity.
SEC. 410. COINAGE PROFIT FUND.
 (a) DEPOSITS- All amounts received from the sale of coins issued under this
 subtitle shall be deposited in the coinage profit fund.
 (b) PAYMENTS- The Secretary shall make the deposits of the amounts required
 under section 408(a) from the coinage profit fund.
 (c) EXPENDITURES- The Secretary shall charge the coinage profit fund with
 all expenditures under this subtitle.
SEC. 411. REPORTS TO CONGRESS.
 (a) REQUIRED- Not later than 15 days after the last day of each month which
 begins before July 1, 1993, the Secretary shall submit a report describing
 in detail the activities carried out under this subtitle to the Committee
 on Banking, Finance and Urban Affairs of the House of Representatives and
 the Committee on Banking, Housing, and Urban Affairs of the Senate.
 (b) CONTENTS OF REPORT- Each report submitted pursuant to subsection (a)
 shall include a review of all marketing activities under section 406 and a
 financial statement which details sources of funds, surcharges generated,
 and expenses incurred for manufacturing, materials, overhead, packaging,
 marketing, and shipping.
Subtitle B--Christopher Columbus Fellowship Foundation
SEC. 421. SHORT TITLE.
 This subtitle may be cited as the `Christopher Columbus Fellowship Act'.
SEC. 422. PURPOSE.
 The purpose of this subtitle is to establish the Christopher Columbus
 Fellowship Program to encourage and support research, study, and labor
 designed to produce new discoveries in all fields of endeavor for the
 benefit of mankind.
SEC. 423. CHRISTOPHER COLUMBUS FELLOWSHIP FOUNDATION.
 (a) ESTABLISHMENT AND PURPOSES- There is established, as an independent
 establishment of the executive branch, the Christopher Columbus Fellowship
 Foundation (hereinafter in this subtitle referred to as the `Foundation').
 (b) MEMBERSHIP- The Foundation shall be subject to the supervision and
 direction of the Board of Trustees. The Board shall be composed of 13
 members as follows:
 (1) 2 members appointed by the President in consultation with the President
 pro tempore of the Senate.
 (2) 2 members appointed by the President in consultation with the Minority
 Leader of the Senate.
 (3) 2 members appointed by the President in consultation with the Speaker
 of the House of Representatives.
 (4) 2 members appointed by the President in consultation with the Minority
 Leader of the House of Representatives.
 (5) 5 members appointed by the President.
 (c) CHAIRMAN AND VICE CHAIRMAN OF THE FOUNDATION- The President shall
 designate a Chairman and a Vice Chairman from among the members appointed
 by the President.
 (d) TERMS OF OFFICE; VACANCIES- Each member of the Board of Trustees appointed
 under subsection (b) shall serve for a term of 6 years from the expiration
 of the term of such member's predecessor, except that--
 (1) any member appointed to fill a vacancy occurring prior to the expiration
 of the term for which such member's predecessor was appointed shall be
 appointed for the remainder of such term; and
 (2) of the members first appointed--
 (A) 4 shall be appointed for a term of 2 years;
 (B) 5 shall be appointed for a term of 4 years; and
 (C) 4 shall be appointed for a term of 6 years,
as designated by the President.
 (e) EXPENSES; NO ADDITIONAL COMPENSATION- Members of the Board shall serve
 without pay, but shall be entitled to reimbursement for travel, subsistence,
 and other necessary expenses incurred in the performance of their duties
 as members of the Board.
SEC. 424. FELLOWSHIP RECIPIENTS.
 (a) AWARD- The Foundation is authorized to award fellowships to outstanding
 individuals to encourage new discoveries in all fields of endeavor for the
 benefit of mankind. Recipients shall be known as `Columbus Scholars'.
 (b) TERM- Fellowships shall be granted for such periods as the Foundation
 may prescribe but not to exceed 2 years.
 (c) SELECTION- The Foundation may provide, directly or by contract, for
 the conduct of a nationwide competition for the selection of fellowship
 recipients.
SEC. 425. STIPENDS.
 Each person awarded a fellowship under this subtitle shall receive a stipend
 as determined by the Foundation.
SEC. 426. CHRISTOPHER COLUMBUS FELLOWSHIP FUND.
 (a) IN GENERAL- There is established in the Treasury a fund to be known
 as the Christopher Columbus Scholarship Fund (hereafter in this subtitle
 referred to as the `fund'), which shall consist of--
 (1) amounts deposited under subsection (d);
 (2) obligations obtained under subsection (c);
 (3) amounts contributed to the Foundation; and
 (4) all surcharges received by the Secretary of the Treasury from the sale
 of coins minted under the Christopher Columbus Quincentenary Coin Act.
 (b) INVESTMENTS-
 (1) DUTY OF SECRETARY TO INVEST- The Secretary of the Treasury shall invest
 in full any amount appropriated or contributed to the fund.
 (2) AUTHORIZED INVESTMENTS- Investments pursuant to paragraph (1) may be made
 only in interest-bearing obligations of the United States or in obligations
 guaranteed as to both principal and interest by the United States. For such
 purpose, such obligations may be acquired--
 (A) on original issue at the issue price; or
 (B) by purchase of outstanding obligations at the market price.
 (3) SPECIAL OBLIGATIONS- The purposes for which obligations of the United
 States may be issued under chapter 31 of title 31, United States Code,
 are hereby extended to authorize the issuance at par of special obligations
 exclusively to the fund. Such special obligations shall bear interest at a
 rate equal to the average rate of interest, computed as to the end of the
 calendar month preceding the date of such issue, borne by all marketable
 interest-bearing obligations of the United States then forming a part of the
 public debt; except that, if such average rate is not a multiple of  1/8
 of 1 percent, the rate of interest of such special obligations shall be
 the multiple of  1/8  of 1 percent next lower than such average rate. Such
 special obligations shall be issued only if the Secretary determines that
 the purchase of other obligations of the United States, or of obligations
 guaranteed as to both principal and interest by the United States or original
 issue at the market price, is not in the public interest.
 (c) SALE OF OBLIGATIONS- Any obligations acquired by the fund (except special
 obligations issued exclusively to the fund in accordance with subsection
 (b)(3)) may be sold by the Secretary at the market price, and such special
 obligations may be redeemed at par plus accrued interest.
 (d) INTEREST- The interest on, and the proceeds from, the sale or redemption
 of any obligations held in the fund shall be credited to and form a part
 of the fund.
 (e) AVAILABILITY OF FUND-
 (1) STIPENDS- The fund shall be available to the Foundation for payment of
 stipends awarded under section 425.
 (2) EXPENSES- The Secretary of the Treasury is authorized to pay to the
 Foundation from the interest and earnings of the funds such sums as the
 Board determines are necessary and appropriate to enable the Foundation to
 carry out the provisions of this subtitle.
 (f) DISBURSEMENTS- Disbursements from the fund shall be made on vouchers
 approved by the Foundation and signed by the Chairman.
SEC. 427. AUDITS.
 The activities of the Foundation under this subtitle may be audited by the
 Comptroller General of the United States. The Comptroller General shall
 have access to all books, accounts, records, reports, and files and all
 other papers, things, or property belonging to or in use by the Foundation,
 pertaining to such activities and necessary to facilitate the audit.
SEC. 428. EXECUTIVE SECRETARY OF FOUNDATION.
 (a) DUTIES- There shall be an Executive Secretary of the Foundation who
 shall be appointed by the Board. The Executive Secretary shall be the chief
 executive officer of the Foundation and shall carry out the functions of
 the Foundation subject to the supervision and direction of the Board.
 (b) COMPENSATION- The Executive Secretary of the Foundation shall be
 compensated at an annual rate of basic pay not in excess of the amount
 payable for Executive Level V.
SEC. 429. ADMINISTRATIVE PROVISIONS.
 (a) The Foundation may--
 (1) appoint and fix the compensation of such personnel as may be necessary
 to carry out the provisions of this subtitle, except that in no case shall
 employees (other than the Executive Secretary) be compensated at a rate in
 excess of the rate of basic pay payable for GS-15 of the General Schedule;
 (2) procure temporary and intermittent services of such experts and
 consultants as are necessary to the extent authorized by section 3109 of
 title 5, but at rates not in excess of the rate of basic pay payable for
 Executive Level V;
 (3) prescribe such regulations as the Foundation may determine to be
 necessary governing the manner in which its functions shall be carried out;
 (4) receive money and other property donated, bequeathed, or devised,
 without condition or restriction other than it be used for the purposes
 of the Foundation; and to use, sell, or otherwise dispose of such property
 for the purpose of carrying out its functions;
 (5) accept and utilize the services of voluntary and uncompensated personnel
 and reimburse them for travel expenses, including per diem, as authorized
 by section 5703 of title 5, United States Code;
 (6) enter into contracts, grants, or other arrangements, or modifications
 thereof, to carry out the provisions of this chapter, and such contracts
 or modifications thereof may, with the concurrence of two-thirds of the
 members of the Board, be entered into without performance or other bonds,
 and without regard to section 3709 of the Revised Statutes;
 (7) make advances, progress, and other payments which the Board deems
 necessary under this chapter without regard to the provisions of section
 529 of title 31, United States Code;
 (8) rent office space;
 (9) conduct programs in addition to or in conjunction with the Fellowship
 program which shall further the Foundation's purpose of encouraging new
 discoveries in all fields of endeavor for the benefit of mankind; and
 (10) to make other necessary expenditures.
 (b) ANNUAL REPORT- The Foundation shall submit to the President and to the
 Congress an annual report of its operations under this subtitle.
TITLE V--JAMES MADISON COINS
SEC. 501. SHORT TITLE.
 This title may be cited as the `James Madison--Bill of Rights Commemorative
 Coin Act'.
SEC. 502. COIN SPECIFICATIONS.
 (a) FIVE DOLLAR GOLD COINS-
 (1) ISSUANCE- The Secretary of the Treasury (hereafter in this title
 referred to as the `Secretary') shall mint and issue not more than 300,000
 five dollar coins each of which shall--
 (A) weigh 8.359 grams;
 (B) have a diameter of .850 inches; and
 (C) be composed of 90 percent gold and 10 percent alloy.
 (2) DESIGN- The design of the five dollar coins shall be emblematic
 of the first ten Amendments of the Constitution of the United States,
 known as the Bill of Rights. The Director of the United States Mint shall
 sponsor a nationwide open competition for the design of the five dollar
 coin beginning not later than 3 months after the date of the enactment of
 this Act. The Director of the United States Mint shall convene the Design
 Panel established under subsection (e) which shall select 10 designs to be
 submitted to the Secretary who shall select the final design.
 (b) One Dollar Silver Coins-
 (1) ISSUANCE- The Secretary shall mint and issue not more than 900,000 one
 dollar coins each of which shall--
 (A) weigh 26.73 grams;
 (B) have a diameter of 1.5 inches; and
 (C) be composed of 90 percent silver and 10 percent copper.
 (2) DESIGN- The obverse design of the one dollar coins shall be emblematic
 of James Madison, the fourth President of the United States. The reverse
 design shall be emblematic of James Madison's home, Montpelier, between
 the years 1751 and 1836. The Director of the United States Mint shall
 sponsor a nationwide open competition for the design of the one dollar
 coin beginning not later than 3 months after the date of the enactment of
 this Act. The Director of the United States Mint shall convene the Design
 Panel established under subsection (e) which shall select 10 designs to be
 submitted to the Secretary who shall select the final design.
 (c) HALF DOLLAR SILVER COINS-
 (1) ISSUANCE- The Secretary shall mint and issue not more than 1,000,000
 half dollar coins each of which shall--
 (A) weigh 12.50 grams;
 (B) have a diameter of 30.61 millimeters; and
 (C) be composed of 90 percent silver and 10 percent copper.
 (2) DESIGN- The design of the half dollar silver coins shall be emblematic
 of the first ten Amendments of the Constitution of the United States,
 known as the Bill of Rights.  The Director of the United States Mint shall
 sponsor a nationwide open competition for the design of the half dollar
 coin beginning not later than 3 months after the date of the enactment of
 this Act.  The Director of the United States Mint shall convene the Design
 Panel established under subsection (e) which shall select 10 designs to be
 submitted to the Secretary who shall select the final design.
 (d) INSCRIPTIONS- All coins minted and issued under this title shall bear
 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'.
 (e) DESIGN PANEL- The Design Panel referred to in subsections (a), (b),
 and (c) shall consist of the following members:
 (1) The Chairperson of the Commission of Fine Arts.
 (2) The president of the James Madison Memorial Fellowship Foundation.
 (3) The Executive Director, National Numismatic Collection, the Smithsonian
 Institution.
 (4) A representative member of the American Numismatic Association.
 (5) A representative member of a national sculpture society or association.
 (6) Two representatives of the United States Mint selected by the Director
 of the United States Mint.
The Secretary shall reimburse the members of the Design Panel for per diem
expenses and other official expenses from the revenues received from the sale
of the coins. The Design Panel shall not be subject to the Federal Advisory
Committee Act (5 U.S.C. App.), and shall terminate following the selection
process set forth in subsections (a), (b), and (c).
 (f) LEGAL TENDER- The coins issued under this title shall be legal tender
 as provided in section 5103 of title 31, United States Code.
SEC. 503. SOURCES OF BULLION.
 (a) GOLD- The Secretary shall obtain gold for minting coins under this
 title pursuant to the authority of the Secretary under existing law.
 (b) SILVER- The Secretary shall obtain silver for minting coins under this
 title only from stockpiles established under the Strategic and Critical
 Materials Stock Piling Act (50 U.S.C. 98 et seq.).
SEC. 504. ISSUANCE OF COINS.
 (a) FIVE DOLLAR COINS- The five dollar coins minted under this title may
 be issued in uncirculated and proof qualities and shall be struck at the
 United States Mint at West Point, New York.
 (b) ONE DOLLAR COINS AND HALF DOLLAR COINS- The one dollar and half dollar
 coins minted under this title 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 coins authorized and minted under this
 title may be issued beginning on January 1, 1993.
 (d) TERMINATION OF AUTHORITY- Coins may not be minted under this title
 after December 31, 1993.
SEC. 505. SALE OF COINS.
 (a) IN GENERAL- Notwithstanding any other provision of law, the Secretary
 shall sell the coins minted under this title at a price at least equal to
 the face value, plus the cost of minting and issuing the coins (including
 labor, materials, overhead, distribution, and promotional expenses).
 (b) BULK SALES- The Secretary shall make any bulk sales of the coins minted
 under this title at a reasonable discount.
 (c) PREPAID ORDERS- The Secretary shall accept prepaid orders for the coins
 minted under this title prior to the issuance of such coins. Sale prices
 with respect to such prepaid orders shall be at a reasonable discount.
 (d) SURCHARGES- All sales of coins minted under this title shall include
 a surcharge of $30 per coin for the five dollar coins, $6 per coin for the
 one dollar coins, and $3 per coin for the half dollar coins.
SEC. 506. FINANCIAL ASSURANCES.
 (a) NO NET COST TO THE GOVERNMENT- The Secretary shall take such actions
 as may be necessary to ensure that minting and issuing coins under this
 title will not result in any net cost to the United States Government.
 (b) PAYMENT FOR COINS- A coin shall not be issued under this title unless
 the Secretary has received--
 (1) full payment for the coin;
 (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 the deposits of which are insured by the Federal
 Deposit Insurance Corporation or the National Credit Union Administration
 Board.
 (c) REPORTS TO CONGRESS- Not later than fifteen days after the last day
 of each month, the Secretary shall transmit to the Committee on Banking,
 Finance and Urban Affairs of the House of Representatives and the Committee
 on Banking, Housing, and Urban Affairs of the Senate a report detailing
 activities carried out under this title during such month.  The report shall
 include a review of all marketing activities and a financial statement which
 details sources of funds, surcharges generated, and expenses incurred for
 manufacturing, materials, overhead, packaging, marketing, and shipping.
 No report shall be required after January 15, 1994.
SEC. 507. DISTRIBUTION OF SURCHARGES.
 The surcharges received by the Secretary shall be transmitted promptly to the
 James Madison Memorial Fellowship Trust Fund established in 1986 by the James
 Madison Memorial Fellowship Act (20 U.S.C. 4501 et seq.). Such transmitted
 amounts shall qualify under section 811(a)(2) of that Act as funds contributed
 from private sources. In accordance with the purposes of the James Madison
 Fellowship Program, the funds transmitted to the Trust Fund shall be used
 to encourage teaching and graduate study of the Constitution of the United
 States, its roots, its formation, its principles, and its development.
SEC. 508. AUDITS.
 The Comptroller General of the United States shall have the right to examine
 such books, records, documents, and other data as may be related to the
 expenditure of amounts transmitted under section 507 of this title. The
 expenditures and audit of surcharge funds deposited in the James Madison
 Memorial Fellowship Trust Fund under section 507 of this title shall be done
 in accordance with section 812 of the James Madison Memorial Fellowship Act
 (20 U.S.C. 4511). Annual reports shall be submitted by the Chairman of the
 James Madison Memorial Fellowship Foundation to both Houses of Congress on
 all expenditures of surcharge funds.
SEC. 509. 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 and services necessary for carrying out the provisions
 of this title.
 (b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not relieve any
 person entering into a contract under the authority of this title from
 complying with any law relating to equal employment opportunity.
Speaker of the House of Representatives.
Vice President of the United States and
President of the Senate.