H.R.1684 - Dolley Madison Commemorative Coin Act104th Congress (1995-1996)
|Sponsor:||Rep. Bliley, Tom [R-VA-7] (Introduced 05/23/1995)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||Senate - 09/18/1996 Received in the Senate. (All Actions)|
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Text: H.R.1684 — 104th Congress (1995-1996)All Information (Except Text)
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Received in Senate (09/18/1996)
[Congressional Bills 104th Congress] [From the U.S. Government Printing Office] [H.R. 1684 Received in Senate (RDS)] 104th CONGRESS 2d Session H. R. 1684 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 18, 1996 Received _______________________________________________________________________ AN ACT To require the Secretary of the Treasury to mint coins in commemoration of the 150th anniversary of the death of Dolley Madison. 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 ``Dolley Madison Commemorative Coin Act''. SEC. 2. COIN SPECIFICATIONS. (a) $1 Silver Coins.--In commemoration of the 150th anniversary of the death of Dolley Madison, the Secretary of the Treasury (hereafter in this Act referred to as the ``Secretary'') shall mint and issue not more than 500,000 1 dollar coins, which shall-- (1) weigh 26.73 grams; (2) have a diameter of 1.500 inches; and (3) contain 90 percent silver and 10 percent copper. (b) Legal Tender.--The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code. (c) Numismatic Items.--For purposes of section 5136 of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items. SEC. 3. SOURCES OF BULLION. The Secretary shall obtain silver for minting coins under this Act only from stockpiles established under the Strategic and Critical Materials Stock Piling Act. SEC. 4. DESIGN OF COINS. (a) Design Requirements.-- (1) In general.--The design of the coins minted under this Act shall be emblematic of the 150th anniversary of the death of Dolley Madison and the life and achievements of the wife of the 4th President of the United States. (2) Designation and inscriptions.--On each coin minted under this Act there shall be-- (A) a designation of the value of the coin; (B) an inscription of the year ``1999''; and (C) inscriptions of the words ``Liberty'', ``In God We Trust'', ``United States of America'', and ``E Pluribus Unum''. (b) Selection.--The design for the coins minted under this Act shall be-- (1) selected by the Secretary after consultation with the executive director of Montpelier, the National Trust for Historic Preservation, and the Commission of Fine Arts; and (2) reviewed by the Citizens Commemorative Coin Advisory Committee. SEC. 5. ISSUANCE OF COINS. (a) Quality of Coins.--Coins minted under this Act shall be issued in uncirculated and proof qualities. (b) Mint Facility.--Only 1 facility of the United States Mint may be used to strike any particular quality of the coins minted under this Act. (c) Commencement of Issuance.--The Secretary may issue coins minted under this Act beginning January 1, 1999. (d) Termination of Minting Authority.--No coins may be minted under this Act after December 31, 1999. SEC. 6. SALE OF COINS. (a) Sale Price.--The coins issued under this Act shall be sold by the Secretary at a price equal to the sum of-- (1) the face value of the coins; (2) the surcharge provided in subsection (d) with respect to such coins; and (3) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping). (b) Bulk Sales.--The Secretary shall make bulk sales of the coins issued under this Act at a reasonable discount. (c) Prepaid Orders.-- (1) In general.--The Secretary shall accept prepaid orders for the coins minted under this Act before the issuance of such coins. (2) Discount.--Sale prices with respect to prepaid orders under paragraph (1) shall be at a reasonable discount. (d) Surcharges.--All sales shall include a surcharge of $10 per coin. 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 and 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. Subject to section 10(a), all surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the National Trust for Historic Preservation in the United States (hereafter in this Act referred to as the ``National Trust'') to be used-- (1) to establish an endowment to be a permanent source of support for Montpelier, the home of James and Dolley Madison and a museum property of the National Trust; and (2) to fund capital restoration projects at Montpelier. SEC. 9. 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 Act will not result in any net cost to the United States Government. (b) Payment for Coins.--A coin shall not be issued under this Act 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. 10. CONDITIONS ON PAYMENT OF SURCHARGES. (a) Payment of Surcharges.--Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act shall be paid to the National Trust unless-- (1) all numismatic operation and program costs allocable to the program under which such coins are produced and sold have been recovered; and (2) the National Trust submits an audited financial statement which demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the National Trust has raised funds from private sources for such projects and purposes in an amount which is equal to or greater than the maximum amount the National Trust may receive from the proceeds of such surcharge. (b) Annual Audits.-- (1) Annual audits of recipients required.--The National Trust shall provide, as a condition for receiving any amount derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act, for an annual audit, in accordance with generally accepted government auditing standards by an independent public accountant selected by the National Trust, of all such payments to the National Trust beginning in the first fiscal year of the National Trust in which any such amount is received and continuing until all such amounts received by the National Trust with respect to such surcharges are fully expended or placed in trust. (2) Minimum requirements for annual audits.--At a minimum, each audit of the National Trust pursuant to paragraph (1) shall report-- (A) the amount of payments received by the National Trust during the fiscal year of the National Trust for which the audit is conducted which are derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act; (B) the amount expended by the National Trust from the proceeds of such surcharges during the fiscal year of the National Trust for which the audit is conducted; and (C) whether all expenditures by the National Trust from the proceeds of such surcharges during the fiscal year of the National Trust for which the audit is conducted were for authorized purposes. (3) Responsibility of National Trust to account for expenditures of surcharges.--The National Trust shall take appropriate steps, as a condition for receiving any payment of any amount derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act, to ensure that the receipt of the payment and the expenditure of the proceeds of such surcharge by the National Trust in each fiscal year of the National Trust can be accounted for separately from all other revenues and expenditures of the National Trust. (4) Submission of audit report.--Not later than 90 days after the end of any fiscal year of the National Trust for which an audit is required under paragraph (1), the National Trust shall-- (A) submit a copy of the report to the Secretary of the Treasury; and (B) make a copy of the report available to the public. (5) Use of surcharges for audits.--The National Trust may use any amount received from payments derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act to pay the cost of an audit required under paragraph (1). (6) Waiver of subsection.--The Secretary of the Treasury may waive the application of any paragraph of this subsection to the National Trust for any fiscal year after taking into account the amount of surcharges which the National Trust received or expended during such year. (7) Availability of books and records.--The National Trust shall provide, as a condition for receiving any payment derived from the proceeds of any surcharge imposed on the sale of coins issued under this Act, to the Inspector General of the Department of the Treasury or the Comptroller General of the United States, upon the request of such Inspector General or the Comptroller General, all books, records, and workpapers belonging to or used by the National Trust, or by any independent public accountant who audited the National Trust in accordance with paragraph (1), which may relate to the receipt or expenditure of any such amount by the National Trust. (c) Use of Agents or Attorneys to Influence Commemorative Coin Legislation.--No portion of any payment to the National Trust from amounts derived from the proceeds of surcharges imposed on the sale of coins issued under this Act may be used, directly or indirectly, by the National Trust to compensate any agent or attorney for services rendered to support or influence in any way legislative action of the Congress relating to the coins minted and issued under this Act. Passed the House of Representatives September 17, 1996. Attest: ROBIN H. CARLE, Clerk.