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


The text of the bill below is as of Jul 13, 1995 (Introduced).


HR 2026 IH

104th CONGRESS

1st Session

H. R. 2026

To require the Secretary of the Treasury to mint coins in commemoration of the 200th anniversary of the death of George Washington.

IN THE HOUSE OF REPRESENTATIVES

July 13, 1995

Mr. DAVIS (for himself, Mr. MORAN, Mr. BLILEY, Mr. BOUCHER, Mr. GOODLATTE, Mr. PAYNE of Virginia, Mr. PICKETT, Mr. SCOTT, Mr. SISISKY, Mr. WOLF, Mr. LIVINGSTON, Mr. PORTER, Mr. LEWIS of California, Mr. BAKER of California, Mr. WELDON of Florida, Mrs. KENNELLY, and Mr. HORN) introduced the following bill; which was referred to the Committee on Banking and Financial Services


A BILL

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 1995’.

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 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 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.

    (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 Mount Vernon Ladies’ Association (hereafter in this section 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.

    (b) AUDITS- The Comptroller General of the United States shall have the right to examine such books, records, documents, and other data of the Association 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.