One Dollar Coin and Community Development Act of 1994

Summary: One Dollar Coin and Community Development Act of 1994 - Amends Federal monetary law to prescribe specifications for and design of dollar coins, including a golden color. 
Proscribes any issuance of one dollar notes after the date that dollar coins are first placed in circulation.  Prescribes guidelines for the redemption of one dollar notes. 
Directs the Secretary of the Treasury to establish:  (1) a coinage metal fund; and (2) a circulating coinage reserve fund. 
Authorizes the Secretary to lend excess amounts in the circulating coinage reserve fund to the Community Development Institutions Fund to enable it to provide financial assistance.  Mandates that earnings on investments of the circulating coinage reserve fund be paid into the general fund of the Treasury. 
Abolishes the coinage profit fund.  Transfers the balance of its account to the circulating coinage reserve fund.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``One Dollar Coin and Community 
Development Act of 1994''.

SEC. 2. ONE DOLLAR COINS.

    (a) Color and Content.--Section 5112(b) of title 31, United States 
Code, is amended--
            (1) in the 1st sentence, by striking ``dollar,''; and
            (2) by inserting after the 4th sentence, the following new 
        sentence: ``The dollar coin shall be golden in color, have an 
        unreeded edge, have tactile and visual features that make the 
        denomination of the coin readily discernible, be minted and 
        fabricated in the United States, and have such metallic, 
        anticounterfeiting properties as United States clad coinage in 
        circulation on the date of the enactment of the One Dollar Coin 
        and Community Development Act of 1994.''.
    (b) Design of Dollar Coin.--Section 5112(d)(1) of title 31, United 
States Code, is amended by striking the 5th and 6th sentences and 
inserting the following new sentence: ``The Secretary of the Treasury 
shall select an appropriate design for the obverse side of the 
dollar.''.
    (c) Effective Date.--Not later than 18 months after the date of 
enactment of this Act, the Secretary of the Treasury shall place into 
circulation 1 dollar coins authorized under subsection (a)(1) of 
section 5112 of title 31, United States Code, which comply with the 
design requirements of subsections (b) and (d)(1) of such section, as 
amended by subsections (a) and (b) of this section. The Secretary may 
include such coins in any numismatic set produced by the United States 
Mint before the date the coins are placed in circulation.

SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.

    (a) In General.--After the date that coins described in section 
2(c) are first placed in circulation, no Federal reserve bank may order 
or place into circulation any $1 Federal reserve note.
    (b) Redemption of $1 Notes.--
            (1) In general.--Section 5119(b)(1) of title 31, United 
        States Code, is amended by adding at the end the following new 
        subparagraph:
                    ``(F) Federal reserve notes in the denomination of 
                $1.''.
            (2) Effective date.--
                    (A) In general.--The amendment made by paragraph 
                (1) shall take effect on the date on which coins minted 
                pursuant to the amendments made by section 2 are first 
                placed in circulation.
                    (B) Notice of effective date.--The Secretary of the 
                Treasury shall publish a notice in the Federal Register 
                of the date on which the amendment made by paragraph 
                (1) takes effect in accordance with subparagraph (A) of 
                this paragraph.
    (c) Exception.--The Secretary of the Treasury shall produce only 
such Federal reserve notes of 1 dollar denomination as are required 
from time to time to meet the needs of collectors of this series. Such 
notes shall be produced in sheets and sold by the Secretary, in whole, 
or in part, at a price that exceeds the face value of the currency by 
an amount that, at a minimum, reimburses the Secretary for the cost of 
production.

SEC. 4. RESERVE FUND FOR CIRCULATING COINAGE.

    (a) Establishment.--Section 5111(b) of title 31, United States 
Code, is amended to read as follows:
    ``(b) Coinage Funds.--
            ``(1) Coinage metal fund.--The Secretary of the Treasury--
                    ``(A) shall maintain a coinage metal fund in the 
                Department of the Treasury; and
                    ``(B) may use the fund to buy metal to mint coins.
            ``(2) Circulating coinage reserve fund.--
                    ``(A) Establishment.--The Secretary of the Treasury 
                shall maintain a circulating coinage reserve fund in 
                the Department of the Treasury.
                    ``(B) Credits and debits.--The Secretary shall--
                            ``(i) credit the coinage reserve fund with 
                        the amount by which the nominal value of the 
                        coins minted and placed into circulation under 
                        this subchapter (other than numismatic items) 
                        exceeds the cost of the metal; and
                            ``(ii) charge the account with--
                                    ``(I) the waste incurred in minting 
                                the coins referred to in clause (i); 
                                and
                                    ``(II) the cost of distributing the 
                                coins, including the cost of coin bags 
                                and pallets.
                    ``(C) Availability of funds for community 
                development.--
                            ``(i) In general.--Effective for any fiscal 
                        year only to the extent and in such amounts as 
                        are provided in advance in appropriation Acts, 
                        the Secretary may lend excess amounts in the 
                        circulating coinage reserve fund to the 
                        Community Development Institutions Fund for the 
                        provision of financial assistance by such Fund 
                        through deposits, credit union shares, and 
                        loans in accordance with section 108 of the 
                        Community Development Banking and Financial 
                        Institutions Act of 1994.
                            ``(ii) Terms and conditions.--Any loan by 
                        the Secretary to the Community Development 
                        Institutions Fund in accordance with clause (i) 
                        shall bear such rate of interest and be subject 
                        to such other terms and conditions as the 
                        Secretary determines to be appropriate.
                    ``(D) Investment of balance in account.--Subject to 
                subparagraph (C), the Secretary of the Treasury shall 
                invest excess amounts in the circulating coinage 
                reserve fund in--
                            ``(i) instruments issued by the Secretary 
                        under chapter 31; and
                            ``(ii) other instruments to the extent, and 
                        in such amounts, as may be authorized by law.
                    ``(E) Payment to general fund.--Interest, 
                dividends, and other earnings on investments of the 
                circulating coinage reserve fund, including interest on 
                loans to the Community Development Financial 
                Institutions Fund, shall be paid into the general fund 
                of the Treasury to assist in reducing the deficit.''.
    (b) Termination of Coinage Profit Fund.--The coinage profit fund is 
hereby abolished and any balance in the account as of such termination 
shall be transferred by the Secretary to the circulating coinage 
reserve fund established pursuant to the amendment made by subsection 
(a) as soon as practicable after the date of the enactment of this Act.