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H.R. 2026 (104th): George Washington Commemorative Coin Act of 1996


The text of the bill below is as of Sep 18, 1996 (Received by the Senate). The bill was not enacted into law.


HR 2026 RDS

104th CONGRESS

2d Session

H. R. 2026

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 200th anniversary of the death of George Washington.

    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 ‘George Washington Commemorative Coin Act of 1996’.

SEC. 2. COIN SPECIFICATIONS.

    (a) $5 GOLD COINS- The Secretary of the Treasury (hereafter in this Act referred to as the ‘Secretary’) shall mint and issue not more than 100,000 5 dollar coins, which shall--

      (1) weigh 8.359 grams;

      (2) have a diameter of 0.850 inches; and

      (3) contain 90 percent gold and 10 percent alloy.

    (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 gold for minting coins under this Act pursuant to the authority of the Secretary under other provisions of law.

SEC. 4. DESIGN OF COINS.

    (a) DESIGN REQUIREMENTS-

      (1) IN GENERAL- The design of the coins minted under this Act shall be emblematic of George Washington.

      (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 Mount Vernon Ladies’ Association 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 shall issue coins minted under this Act beginning May 1, 1999.

    (d) TERMINATION OF MINTING AUTHORITY- No coins may be minted under this Act after November 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 $35 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 Mount Vernon Ladies’ Association (hereafter in this Act referred to as the ‘Association’) and shall be used--

      (1) to supplement the Association’s endowment for the purpose of providing a permanent source of support for the preservation of George Washington’s home; and

      (2) to provide financial support for the continuation and expansion of the Association’s efforts to educate the American public about George Washington.

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 Association 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 Association 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 Association 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 Association may receive from the proceeds of such surcharge.

    (b) ANNUAL AUDITS-

      (1) ANNUAL AUDITS OF RECIPIENTS REQUIRED- The Association 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 Association, of all such payments to the Association beginning in the first fiscal year of the Association in which any such amount is received and continuing until all such amounts received by the Association 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 Association pursuant to paragraph (1) shall report--

        (A) the amount of payments received by the Association during the fiscal year of the Association 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 Association from the proceeds of such surcharges during the fiscal year of the Association for which the audit is conducted; and

        (C) whether all expenditures by the Association from the proceeds of such surcharges during the fiscal year of the Association for which the audit is conducted were for authorized purposes.

      (3) RESPONSIBILITY OF ASSOCIATION TO ACCOUNT FOR EXPENDITURES OF SURCHARGES- The Association 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 Association in each fiscal year of the Association can be accounted for separately from all other revenues and expenditures of the Association.

      (4) SUBMISSION OF AUDIT REPORT- Not later than 90 days after the end of any fiscal year of the Association for which an audit is required under paragraph (1), the Association 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 Association 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 Association for any fiscal year after taking into account the amount of surcharges which the Association received or expended during such year.

      (7) AVAILABILITY OF BOOKS AND RECORDS- The Association 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 Association, or by any independent public accountant who audited the Association in accordance with paragraph (1), which may relate to the receipt or expenditure of any such amount by the Association.

    (c) USE OF AGENTS OR ATTORNEYS TO INFLUENCE COMMEMORATIVE COIN LEGISLATION- No portion of any payment to the Association 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 Association 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.