Summary: H.R.3958 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for H.R.3958. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/18/1981)

Olympic Coin Act of 1981 - Declares the purposes of this Act to be: (1) to provide for the minting of coins to commemorate the 1984 Los Angeles Olympic Games; and (2) to help finance those games without the use of tax revenues.

Directs the Secretary of the Treasury to mint: (1) not more than 30,000,000 copper-nickel clad coins with a face value of one dollar; (2) not more than 22,400,000 silver coins with a face value of ten dollars; (3) not more than 2,400,000 gold coins with a face value of fifty dollars; and (4) not more than 1,400,000 gold coins with a face value of one hundred dollars.

Specifies the size and weight of such coins. Specifies that the designs of such coins shall be determined by the Secretary in consultation with the Los Angeles Olympic Organizing Committee. Sets certain minting specifications for such coins.

Authorizes the Secretary to enter into an agreement with the Los Angeles Olympic Organizing Committee which shall provide for the implementation of the purposes of this Act.

Directs the Secretary to furnish such coins to the Los Angeles Olympic Organizing Committee at a price agreed to pursuant to such implementation agreement. Provides that all coins minted shall be delivered to the Los Angeles Olympic Organizing Committee for distribution and sale to the public in accordance with the terms of the implementation agreement. Sets the delivery date for each series of coins.

Provides that all proceeds received by the Los Angeles Olympic Organizing Committee from the commercial sale of such coins shall be used for the purpose of staging and promoting the 1984 Los Angeles Olympic Games and assisting the U.S. Olympic Committee and amateur athletics.

Provides that all coins authorized by this Act shall be legal tender. Directs that no coins shall be minted pursuant to this Act after December 31, 1984.