Summary: S.1230 — 97th Congress (1981-1982)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (05/20/1982)

(Measure passed House, amended)

Olympic Commemorative Coin Act - Directs the Secretary of the Treasury to issue one-dollar silver coins and ten-dollar gold coins emblematic of the 1984 Los Angeles Summer Olympic Games. Requires the Secretary to determine the designs of such coins. Requires the issuance of the silver coins in two separate designs, one in 1983 and one in 1984. Declares such coins legal tender and limits the amount issued. Requires the Secretary to obtain silver for the coins from stocks held by the Treasury or any other federally owned silver stocks.

Directs the Secretary to prescribe regulations for the sale of such coins within the United States, including a surcharge per coin.

Requires the Secretary to assign the rights to market such coins outside the United States to one or more marketing organizations selected by a committee consisting of the Secretary, the executive director of the United States Olympic Committee, and the President of the Los Angeles Olympic Organizing Committee. Sets forth selection criteria for such marketing organizations.

Directs the Secretary to pay: (1) 50 percent of all surcharges from the sale of the coins to the United States Olympic Committee to train United States Olympic athletes, support local or community amateur athletic programs, and to erect training facilities; and (2) 50 percent of such surcharges to the Los Angeles Olympic Organizing Committee to stage and promote the games. Prohibits amounts paid to the Committees from exceeding the surcharges received by the Secretary.

Requires the Secretary to enter into an implementation agreement with the marketing organization selected under this Act, which shall ensure that the issuance of the commemorative coins shall result in no net cost to the United States. Authorizes the Secretary to terminate the agreement if the termination is in the best interests of the United States.

Requires deposit of all amounts received from the sale of such coins in the Coinage Profit Fund. Charges all expenditures under this Act to such Fund.

Grants the Comptroller General the right to examine the records of the United States Olympic Committee and the Los Angeles Olympic Organizing Committee with respect to amounts received under this Act.

Prohibits the issuance of coins under this Act unless the Secretary has received full payment for them.

Requires the Secretary to report to Congress not later than 45 days after each calendar quarter on the activities carried out under this Act during such quarter. Terminates such requirement after December 31, 1985.