S.2147 - Library of Congress Bicentennial Commemorative Coin Act of 1996104th Congress (1995-1996)
|Sponsor:||Sen. Pell, Claiborne [D-RI] (Introduced 09/27/1996)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 09/27/1996 Read twice and referred to the Committee on Banking. (All Actions)|
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Text: S.2147 — 104th Congress (1995-1996)All Information (Except Text)
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Introduced in Senate (09/27/1996)
[Congressional Bills 104th Congress] [From the U.S. Government Printing Office] [S. 2147 Introduced in Senate (IS)] 104th CONGRESS 2d Session S. 2147 To require the Secretary of the Treasury to mint coins in commemoration of the bicentennial of the Library of Congress. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES September 27, 1996 Mr. Pell (for himself and Mr. Hatfield) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs _______________________________________________________________________ A BILL To require the Secretary of the Treasury to mint coins in commemoration of the bicentennial of the Library of Congress. 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 ``Library of Congress Bicentennial Commemorative Coin Act of 1996''. SEC. 2. COIN SPECIFICATIONS. (a) Denominations.--The Secretary of the Treasury (hereafter in this Act referred to as the ``Secretary'') shall mint and issue the following coins: (1) $1 silver coins.--Not more than 500,000 $1 coins, each of which shall-- (A) weigh 26.73 grams; (B) have a diameter of 1.500 inches; and (C) contain 90 percent silver and 10 percent copper. (2) Half dollar clad coins.--Not more than 500,000 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. (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 5134 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 Library of Congress. (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 ``2000''; 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 Library of Congress 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 combination of denomination and quality of the coins minted under this Act. (c) Period for Issuance.--The Secretary may issue coins minted under this Act only during the period beginning on January 1, 2000, and ending on December 31, 2000. (d) Promotion Consultation.--The Secretary shall-- (1) consult with the Library of Congress in order to establish a role for the Library of Congress in the promotion, advertising, and marketing of the coins minted under this Act; and (2) if the Secretary determines that such action would be beneficial to the sale of coins minted under this Act, enter into a contract with the Library of Congress to carry out the role established under paragraph (1). 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 established by the Secretary, in an amount equal to not more than-- (1) $15 per coin for the $1 coin; and (2) $8 per coin for the half dollar 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. (a) In General.--All surcharges received by the Secretary from the sale of coins issued under this Act shall be promptly paid by the Secretary to the Library of Congress Trust Fund Board, to be used for the purpose of supporting bicentennial programs, educational outreach activities (including schools and libraries), and other activities of the Library of Congress. (b) Audits.--The Comptroller General of the United States shall have the right to examine such books, records, documents, and other data of the Library of Congress Trust Fund Board as may be related to the expenditures of amounts paid under subsection (a). 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. <all>