Dolley Madison Commemorative Coin Act

Summary: Dolley Madison Commemorative Coin Act - Directs the Secretary of the Treasury to issue commemorative one-dollar silver coins emblematic of the 150th anniversary of the death of Dolley madison and the life and achievements of the wife of the fourth President of the United States. 
Requires the Secretary to turn over proceeds from surcharges to the National Trust for Historic Preservation to be used to:  (1) establish an endowment as a permanent source for Montpelier (home of James and Dolley Madison) as a museum; and (2) fund capital restoration projects at Montpelier. 
Cites prerequisites for such distribution, including:  (1) submission of an audited financial statement demonstrating to the Secretary's satisfaction that the Trust has raised funds from private sources equal to or greater than the maximum amount it may receive from surcharge proceeds; (2) an annual Trust audit; (3) a directive that the Trust maintain a separate accounting of surcharge proceeds and expenditures; (4) public disclosure of the Trust audit; (5) access to Trust records pertaining to receipts and expenditures; and (6) a proscription against the use of proceeds from surcharges to compensate agents or attorneys to influence commemorative coin legislation.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Dolley Madison Commemorative Coin 
Act''.

SEC. 2. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--In commemoration of the 150th anniversary of 
the death of Dolley Madison, the Secretary of the Treasury (hereafter 
in this Act referred to as the ``Secretary'') shall mint and issue not 
more than 500,000 1 dollar coins, which shall--
            (1) weigh 26.73 grams;
            (2) have a diameter of 1.500 inches; and
            (3) contain 90 percent silver and 10 percent copper.
    (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 silver for minting coins under this Act 
only from stockpiles established under the Strategic and Critical 
Materials Stock Piling Act.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the 150th anniversary of the death 
        of Dolley Madison and the life and achievements of the wife of 
        the 4th President of the United States.
            (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 
        executive director of Montpelier, the National Trust for 
        Historic Preservation, 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 may issue coins minted 
under this Act beginning January 1, 1999.
    (d) Termination of Minting Authority.--No coins may be minted under 
this Act after December 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 $10 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 National Trust for Historic Preservation in the 
United States (hereafter in this Act referred to as the ``National 
Trust'') to be used--
            (1) to establish an endowment to be a permanent source of 
        support for Montpelier, the home of James and Dolley Madison 
        and a museum property of the National Trust; and
            (2) to fund capital restoration projects at Montpelier.

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 National 
Trust 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 National Trust 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 National Trust 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 National Trust may receive 
        from the proceeds of such surcharge.
    (b) Annual Audits.--
            (1) Annual audits of recipients required.--The National 
        Trust 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 
        National Trust, of all such payments to the National Trust 
        beginning in the first fiscal year of the National Trust in 
        which any such amount is received and continuing until all such 
        amounts received by the National Trust 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 National Trust pursuant to paragraph (1) 
        shall report--
                    (A) the amount of payments received by the National 
                Trust during the fiscal year of the National Trust 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 National Trust from 
                the proceeds of such surcharges during the fiscal year 
                of the National Trust for which the audit is conducted; 
                and
                    (C) whether all expenditures by the National Trust 
                from the proceeds of such surcharges during the fiscal 
                year of the National Trust for which the audit is 
                conducted were for authorized purposes.
            (3) Responsibility of National Trust to account for 
        expenditures of surcharges.--The National Trust 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 National Trust in each fiscal year of the 
        National Trust can be accounted for separately from all other 
        revenues and expenditures of the National Trust.
            (4) Submission of audit report.--Not later than 90 days 
        after the end of any fiscal year of the National Trust for 
        which an audit is required under paragraph (1), the National 
        Trust 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 National Trust 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 National Trust for any fiscal year after taking into 
        account the amount of surcharges which the National Trust 
        received or expended during such year.
            (7) Availability of books and records.--The National Trust 
        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 National Trust, or by any 
        independent public accountant who audited the National Trust in 
        accordance with paragraph (1), which may relate to the receipt 
        or expenditure of any such amount by the National Trust.
    (c) Use of Agents or Attorneys to Influence Commemorative Coin 
Legislation.--No portion of any payment to the National Trust 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 
National Trust 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.