SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Endangered Cultural Heritage Act of 
1996''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the cultural heritage of mankind--
                    (A) is of the utmost importance to the United 
                States and the world;
                    (B) contains evidence of mankind's common human 
                past; and
                    (C) is part of the economic, social, and 
                educational foundation of society;
            (2) with a growth of research concerning the vital quality 
        of the cultural heritage of mankind has come the realization 
        that many of the most significant cultural resources in the 
        world are seriously endangered by a growing range of threats, 
        including natural catastrophes, environmental deterioration, 
        destructive acts of man, and the complex political and societal 
        changes occurring in the world;
            (3) a timely response is critical to prevent the loss of 
        cultural heritage that is imminently endangered;
            (4) sustained funding is needed to stabilize and strengthen 
        the ability to protect cultural resources on a national and 
        international scale, consistently and on a long-term basis;
            (5) funding will support a program through which 
        professionals in the field of historic preservation can obtain 
        support on a short-term basis to address situations of 
        immediate peril affecting important works that are in danger of 
        loss in order to gain time to plan for long-term conservation 
        of the works;
            (6) the inauguration of the World Monuments Watch List of 
        100 Most Endangered Sites in 1996 has made apparent the great 
        need for additional support and protection for threatened 
        cultural heritage worldwide;
            (7) conservation work funded as a result of this Act will 
        result in both direct and indirect benefits to many communities 
        by creating jobs, offering opportunities for training in 
        skilled trades, protecting resources that generate economic 
        activity through tourism, and opening direct access to enriched 
        educational experiences;
            (8) the American people share the responsibility of 
        ensuring the survival of key cultural resources worldwide, 
        since the resources, whether in the United States or abroad, 
        represent a trust held in common by all peoples in all 
        communities; and
            (9) participation in the preservation of cultural heritage, 
        which is of common human concern, is an international act of 
        good will.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Administrative agency.--The term ``administrative 
        agency'' means the agency designated or established by the 
        Secretary under section 6(a).
            (2) Endangered site.--The term ``endangered site'' refers 
        to a structure, a group of buildings, a historic district, an 
        archaeological zone, public art, or a cultural landscape that 
        is in significant peril of being lost or seriously compromised 
        as a result of irreversible human or natural destruction.
            (3) Fund.--The term ``Fund'' means the Endangered Cultural 
        Heritage Trust fund established by section 4.
            (4) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given in 
        section 1201(a) of the Higher Education Act of 1965 (20 U.S.C. 
        1141(a)).
            (5) Matching basis.--The term ``matching basis'' means the 
        condition to a grant award that the award be supplemented by 
        the recipient with equivalent financial support from other 
        sources prior to release of funds by the Secretary.
            (6) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.

SEC. 4. ESTABLISHMENT OF THE ENDANGERED CULTURAL HERITAGE FUND.

    There is established in the Treasury of the United States a trust 
fund to be known as the ``Endangered Cultural Heritage Fund'' that 
shall consist of--
            (1) amounts appropriated pursuant to section 5; and
            (2) interest and proceeds credited pursuant to section 
        8(c).

SEC. 5. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Fund such sums as 
are necessary to carry out this Act.

SEC. 6. PAYMENTS FROM THE FUND AND USES OF PAYMENTS.

    (a) Designation of Administrative Agency.--The Secretary, in 
consultation with the Secretary of State and the Secretary of the 
Interior, shall designate or establish a Federal agency to administer 
the Fund.
    (b) Availability for Administrative Agency.--The interest on any 
obligations held in the Fund shall be available, as provided in advance 
by an appropriations Act, for payment to the administrative agency for 
use in accordance with this section.
    (c) Use by Administrative Agency.--The administrative agency shall 
administer funds provided under subsection (b) and direct the funds to 
the following to support activities carried out by qualified United 
States and international organizations that have as a common purpose 
the preservation and protection of cultural resources that are 
significantly at risk:
            (1) Endangered cultural resources in the united states.--
                    (A) In general.--The administrative agency shall 
                provide funding awards, released incrementally and on a 
                matching basis, to support stabilization and 
                conservation measures for endangered cultural resources 
                in the United States.
                    (B) Qualifications for award.--An award under 
                subparagraph (A) shall be made on a competitive basis 
                to a governmental or nongovernmental entity that has 
                demonstrated an ability to implement a conservation 
                program in accordance with prescribed United States 
                standards for conservation and rehabilitation, as 
                specified by the Secretary of the Interior in 
                accordance with the National Historic Preservation Act 
                (16 U.S.C. 470 et seq.).
                    (C) Qualified sites.--A site that has been listed 
                as endangered by the National Trust for Historic 
                Preservation, the United States National Park Service, 
                or the World Monuments Fund shall be qualified to 
                receive an award under subparagraph (A).
            (2) Endangered cultural resources outside the united 
        states.--
                    (A) In general.--The administrative agency shall 
                provide funding awards, released on a matching basis, 
                to support stabilization and conservation measures for 
                endangered cultural resources outside the United 
                States.
                    (B) Qualifications for award.--An award under 
                subparagraph (A) shall be made on a competitive basis 
                to a governmental or nongovernmental entity responsible 
                for a site that has demonstrated an ability to 
                implement a conservation program that will 
                significantly advance the state of conservation of the 
                endangered site.
                    (C) Qualified sites.--A site that has been listed 
                as endangered by the World Monuments Fund or the World 
                Heritage Center shall be qualified to receive an award 
                under subparagraph (A).
            (3) Grants and fellowships.--The administrative agency 
        shall provide grants or fellowships that engage--
                    (A) United States professionals in historic 
                preservation; and
                    (B) United States and foreign graduate-level 
                students in--
                            (i) onsite conservation programs supported 
                        under this Act; and
                            (ii) the development of plans to protect 
                        endangered cultural resources.
            (4) Public education.--The administrative agency shall 
        support programs to educate and engage the public, including 
        citizens, students, and school children, in a concern for the 
        preservation of endangered cultural resources.
            (5) Seminars and conferences.--The administrative agency 
        shall provide grants to qualified organizations to conduct 
        seminars, conferences, and other similar workshops designed to 
        facilitate collaboration and cooperation between the United 
        States and foreign institutions, private specialists, and site 
        managers in the conservation of endangered cultural resources.
    (d) Other Expenditures.--Not more than 10 percent of the funds made 
available under subsection (b) for any fiscal year may be used by the 
administrative agency to--
            (1) award contracts for projects chosen for support under 
        subsection (c);
            (2) disseminate information about the Fund and solicit 
        proposals (which shall include cost-sharing provisions) from 
        site mangers, United States institutions of higher education, 
        and other qualified entities and persons to participate in the 
        conservation of qualifying sites and related programs; and
            (3) prepare documentation about projects supported under 
        subsection (c) and disseminate the documentation through 
        publications and electronic media.
    (e) Expert Advisors.--A project shall be selected for support under 
subsection (c) by a panel of expert advisors, including a 
representative of--
            (1) the United States Committee of the International 
        Council on Monuments and Sites;
            (2) the National Park Service;
            (3) the National Trust for Historic Preservation;
            (4) the College Art Association; and
            (5) the Advisory Council for Historic Preservation.
    (f) Payments.--
            (1) Time.--The administrative agency shall make an award 
        authorized under this section as soon as practicable after 
        approval of an application, pending the acquisition of any 
        matching funds by the recipient of the award.
            (2) Form.--The administrative agency may make an award 
        authorized under this section in installments, in advance, or 
        by way of reimbursement, and may make necessary adjustments on 
        account of any overpayment or underpayment.

SEC. 7. APPLICATIONS.

    (a) In General.--The administrative agency shall prepare and submit 
an application to the Secretary once each fiscal year that--
            (1) provides a description of the purposes for which any 
        grant award will be used; and
            (2) provides such fiscal control and such accounting 
        procedures as are necessary--
                    (A) to ensure a proper accounting of grant awards 
                paid to the applicant under this Act; and
                    (B) to ensure the verification of the costs of the 
                continuing education program furnished by the grant 
                recipient.
    (b) Expeditious Approval.--The Secretary shall expeditiously 
approve any application that meets the requirements of this section.

SEC. 8. MANAGEMENT OF THE FUND.

    (a) Investments.--
            (1) In general.--The Secretary shall invest such portion of 
        the Fund as is not, in the judgment of the Secretary, required 
        to meet current withdrawals.
            (2) Types of investment.--Investments may be made only in 
        interest-bearing obligations of the United States or in 
        obligations guaranteed as to both principal and interest by the 
        United States.
            (3) Acquisition of investments.--Obligations may be 
        acquired only--
                    (A) on original issue at the issue price; or
                    (B) by purchase of outstanding obligations at the 
                market price.
            (4) Special obligations.--
                    (A) In general.--Notwithstanding chapter 31 of 
                title 31, United States Code, the Secretary may issue 
                special obligations at par exclusively to the Fund.
                    (B) Interest.--A special obligations shall bear 
                interest at a rate equal to the average rate of 
                interest, computed as of the end of the calendar month 
                next preceding the date of the obligation, borne by all 
                marketable interest-bearing obligations of the United 
                States then forming a part of the public debt, except 
                that if the average rate is not a multiple of \1/8\ 
                percent, the rate of interest of the special obligation 
                shall be the multiple of \1/8\ percent next lower than 
                the average rate.
                    (C) Public interest.--Special obligations shall be 
                issued only if the Secretary determines that the 
                purchase of other interest-bearing obligations of the 
                United States, or of obligations guaranteed as to both 
                principal and interest by the United States on original 
                issue or at the market price, is not in the public 
                interest.
    (b) Sale and Redemption.--
            (1) In general.--An obligation acquired by the Fund (except 
        a special obligation issued under subsection (a)(4)) may be 
        sold by the Secretary at market price.
            (2) Special obligations.--A special obligation issued under 
        subsection (a)(4) may be redeemed at par plus accrued interest.
    (c) Proceeds and Interest.--The interest on, and the proceeds from 
the sale or redemption of, any obligation held in the Fund shall be 
credited to and form a part of the Fund.

SEC. 9. REPORT.

    The administrative agency shall prepare and submit to the President 
and Congress at the end of every other fiscal year in which the 
administrative agency receives assistance under this Act a report on 
the activities of the administrative agency and such recommendations as 
the administrative agency considers advisable.
Endangered Cultural Heritage Act of 1996 - Establishes in the Treasury an Endangered Cultural Heritage Fund.  Authorizes appropriations. 
Directs the Secretary of the Treasury to designate or establish a Federal agency to administer the Fund. 
Requires use of the Fund to support activities by qualified U.S. and international organizations to preserve and protect cultural resources that are significantly at risk, at qualified sites both inside and outside the United States. 
Requires the designated agency to provide grants or fellowships that engage:  (1) U.S. professionals in historic preservation; and (2) U.S. and foreign graduate students in onsite conservation and development of plans to protect endangered cultural resources.  Directs the agency to support public education programs, seminars, conferences, and other activities.
Endangered Cultural Heritage Act of 1996