Independence Hall Commemorative Coin Act

Summary: Independence Hall Commemorative Coin Act - Directs the Secretary of the Treasury to mint a specified number of one-dollar silver coins emblematic of the national shrines of liberty, showing the Liberty Bell on one side and Independence Hall on the other. 
Mandates that 50 percent of the surcharges collected be distributed to:  (1) the Treasury; and (2) the Independence Hall Preservation Fund to assist its efforts to meet certain funding needs of the Independence National Historic Park.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Independence Hall Commemorative Coin 
Act''.

SEC. 2. FINDINGS.

    The Congress makes the following findings:
            (1) Two hundred years ago, in 1793, George Washington was 
        sworn in to his second term as President of the United States 
        of America in the Senate chamber of Congress Hall in 
        Philadelphia, Pennsylvania;
            (2) For 150 years, the historic buildings in Philadelphia, 
        Pennsylvania, known as Congress Hall, the Old City Hall, and 
        Independence Hall (which housed the Liberty Bell, the symbol of 
        the heritage of free people in the United States) were under 
        the occasional care of local government units.
            (3) Later, the Federal Government, through the National 
        Park Service, assumed responsibility for the preservation and 
        maintenance of these and other related historic sites for 
        present and future generations of Americans.
            (4) In recent years, financial exigencies and the increased 
        responsibilities of the National Park Service have prevented 
        the Federal Government from meeting the capital needs of these 
        historic sites.
            (5) The minting and issuance of a United States coin is an 
        appropriate way to commemorate these historic buildings and to 
        aid in funding their necessary maintenance and preservation.

SEC. 3. COIN SPECIFICATIONS.

    (a) One Dollar Silver Coins.--
            (1) Issuance.--The Secretary of the Treasury (hereafter in 
        this Act referred to as the ``Secretary'') shall issue not more 
        than 1,000,000 $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 coins issued under this Act 
        shall be emblematic of the national shrines of liberty and 
        shall show the Liberty Bell on one side and Independence Hall 
        on the other side. On each such coin there shall be a 
        designation of the value of the coin, an inscription of the 
        year ``1994'', and inscriptions of the words ``Liberty'', ``In 
        God We Trust'', ``United States of America'', and ``E Pluribus 
        Unum''.
    (b) Legal Tender.--The coins issued under this Act shall be legal 
tender as provided in section 5103 of title 31, United States Code.

SEC. 4. SOURCES OF 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.

SEC. 5. SELECTION OF DESIGN.

    The design for the coins authorized by this Act shall be selected 
by the Secretary after consultation with the Commission of Fine Arts. 
As required by section 5135 of title 31, United States Code, the design 
shall also be reviewed by the Citizens Commemorative Coin Advisory 
Committee.

SEC. 6. ISSUANCE OF THE COINS.

    (a) Quality of Coins.--The coins authorized under this Act may be 
issued in uncirculated and proof qualities.
    (b) Mint Facility.--Not more than 1 facility of the United States 
Mint may be used to strike any particular quality of the coins minted 
under this Act.
    (c) Period of Authority.--The coins authorized under this Act may 
be minted beginning 30 days after the date of enactment of this Act and 
for a period of not more than 1 year after such date.

SEC. 7. 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 authorized under this Act 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 $7 
per coin.

SEC. 8. 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. 9. DISTRIBUTION OF SURCHARGES.

    Of the total surcharges collected by the Secretary from the sale of 
the coins issued under this Act--
            (1) 50 percent shall be returned to the United States 
        Treasury for purposes of reducing the national debt; and
            (2) 50 percent shall be promptly paid by the Secretary to 
        the Independence Hall Preservation Fund to assist the Fund's 
        efforts to--
                    (A) create an endowment fund to finance capital 
                improvements in Independence National Historic Park;
                    (B) fund capital replacement projects for the 
                buildings in Independence National Historic Park; and
                    (C) meet such other needs as the Directors of the 
                Independence Hall Preservation Fund deem appropriate to 
                foster and increase respect and admiration for 
                Independence National Historic Park.

SEC. 10. AUDITS.

    The Comptroller General of the United States shall have the right 
to examine such books, records, documents, and other data of the 
Independence Hall Preservation Fund as may be related to the 
expenditure of amounts paid under section 9.

SEC. 11. 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. 12. 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.