United States Military Academy Bicentennial Commemorative Coin Act of 1993

Summary: United States Military Academy Bicentennial Commemorative Coin Act of 1993 - Directs the Secretary of the Treasury to issue five-dollar gold coins, one-dollar silver coins, and half dollar clad coins emblematic of the U.S. Military Academy.  Mandates that surcharges collected from coin sales be paid to the Association of Graduates, U.S. Military Academy, to assist its efforts to provide direct support to the Corps of Cadets, U.S. Military Academy.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``United States Military Academy 
Bicentennial Commemorative Coin Act of 1993''.

SEC. 2. COIN SPECIFICATIONS.

    (a) Five Dollar Gold Coins.--
            (1) Issuance.--The Secretary of the Treasury (hereafter in 
        this Act referred to as the ``Secretary'') shall issue not more 
        than 50,000 $5 coins, which shall weigh 8.359 grams, have a 
        diameter of 0.850 inches, and shall contain 90 percent gold and 
        10 percent alloy.
            (2) Design.--The design of the $5 coins shall be emblematic 
        of the United States Military Academy and its motto ``Duty, 
        Honor, Country''. On each such coin there shall be a 
        designation of the value of the coin, an inscription of the 
        year ``2002'', and inscriptions of the words ``Liberty'', ``In 
        God We Trust'', ``United States of America'', and ``E Pluribus 
        Unum''.
    (b) One Dollar Silver Coins.--
            (1) Issuance.--The Secretary shall issue not more than 
        250,000 $1 coins, which shall weigh 26.73 grams, have a 
        diameter of 1.500 inches, and shall contain 90 percent silver 
        and 10 percent copper.
            (2) Design.--The design of the $1 coins shall be emblematic 
        of the United States Military Academy and its motto ``Duty, 
        Honor, Country''. On each such coin there shall be a 
        designation of the value of the coin, an inscription of the 
        year ``2002'', and inscriptions of the words ``Liberty'', ``In 
        God We Trust'', ``United States of America'', and ``E Pluribus 
        Unum''.
    (c) Half Dollar Clad Coins.--
            (1) Issuance.--The Secretary shall issue not more than 
        350,000 half dollar coins, each of which shall weigh 11.34 
        grams, have a diameter of 1.205 inches; and be minted to the 
        specifications for half dollar coins contained in section 
        5112(b) of title 31, United States Code.
            (2) Design.--The design of the half dollar coins shall be 
        emblematic of the United States Military Academy and its motto 
        ``Duty, Honor, Country''. On each such coin there shall be a 
        designation of the value of the coin, an inscription of the 
        year ``2002'', and inscriptions of the words ``Liberty'', ``In 
        God We Trust'', ``United States of America'', and ``E Pluribus 
        Unum''.
    (d) Legal Tender.--The coins issued under this Act shall be legal 
tender as provided in section 5103 of title 31, United States Code.

SEC. 3. SOURCES OF BULLION.

    (a) Silver Bullion.--The Secretary shall obtain silver for the 
coins minted under this Act only from stockpiles established under the 
Strategic and Critical Materials Stock Piling Act.
    (b) Gold Bullion.--The Secretary shall obtain gold for the coins 
minted under this Act pursuant to the authority of the Secretary under 
existing law.

SEC. 4. SELECTION OF DESIGN.

    The design for each coin authorized by this Act shall be selected 
by the Secretary after consultation with the Commission of Fine Arts 
and the Bicentennial Steering Group, Association of Graduates, United 
States Military Academy. As required by section 5135 of title 31, 
United States Code, the designs shall also be reviewed by the Citizens 
Commemorative Coin Advisory Committee.

SEC. 5. ISSUANCE OF THE COINS.

    (a) Gold Coins.--The $5 coins authorized under this Act may be 
issued in uncirculated and proof qualities and shall be struck at the 
United States Bullion Depository at West Point.
    (b) Silver and Half Dollar Coins.--The $1 coins and the half dollar 
coins authorized under this Act may be issued in uncirculated and proof 
qualities, except that not more than 1 facility of the United States 
Mint may be used to strike any particular combination of denomination 
and quality.
    (c) Commencement of Issuance.--The coins authorized under this Act 
shall be available for issue not later than March 16, 2002.
    (d) Sunset Provision.--No coins shall be minted under this Act 
after December 31, 2002.

SEC. 6. SALE OF THE COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of the face value of the 
coins, the surcharge provided in subsection (d) with respect to such 
coins, and the cost of designing and issuing such coins (including 
labor, materials, dies, use of machinery, overhead expenses, marketing, 
and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales at a 
reasonable discount.
    (c) Prepaid Orders.--The Secretary shall accept prepaid orders for 
the coins prior to the issuance of such coins. Sales under this 
subsection shall be at a reasonable discount.
    (d) Surcharge Required.--All sales shall include a surcharge of $25 
per coin for the $5 coins, $5 per coin for the $1 coins, and $1 per 
coin for the half dollar coins.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    No provision of law governing procurement or public contracts shall 
be applicable to the procurement of goods or services necessary for 
carrying out the provisions of this Act. Nothing in this section shall 
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.

    The total surcharges collected by the Secretary from the sale of 
the coins issued under this Act shall be promptly paid by the Secretary 
to the Association of Graduates, United States Military Academy to 
assist the Association of Graduates' efforts to provide direct support 
to the academic, military, physical, moral, and ethical development 
programs of the Corps of Cadets, United States Military Academy.

SEC. 9. AUDITS.

    The Comptroller General of the United States shall have the right 
to examine such books, records, documents, and other data of the 
Association of Graduates, United States Military Academy as may be 
related to the expenditure of amounts paid under section 8.

SEC. 10. NUMISMATIC PUBLIC ENTERPRISE FUND.

    The coins issued under this Act are subject to the provisions of 
section 5134 of title 31, United States Code, relating to the 
Numismatic Public Enterprise Fund.

SEC. 11. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take all 
actions necessary to ensure that the issuance of the coins authorized 
by this Act shall result in no net cost to the United States 
Government.
    (b) Adequate Security for Payment Required.--No coin shall be 
issued under this Act unless the Secretary has received--
            (1) full payment therefore;
            (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.