SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Park Bonds and Capital 
Improvements Act of 1997''.

SEC. 2. DEFINITIONS.

    For purposes of this Act:
            (1) The term ``National Park Capital Improvement Fund'' 
        means the fund established under this Act containing the 
        revenues collected by the National Park Service from all park 
        units in the National Park System and held in trust by the 
        Department of the Treasury for the purpose of paying the debt 
        service on the National Park Capital Improvement bonds.
            (2) The term ``National Park Capital Improvement bonds'' 
        means bonds sold by the Department of the Treasury under this 
        Act to generate capital to make appropriate capital 
        improvements of National Park units as specified in this Act.
            (3) The term ``capital improvements'' means more than 
        physical construction projects such as roads, visitor centers, 
        and other infrastructure projects. The term includes one-time 
        and periodic projects such as resource inventories, monitoring 
        activities, and educational and interpretive programs, as well 
        as transportation systems. The term also includes data 
        gathering and planning needed to design projects aimed at 
        protecting park resources.
            (4) The term ``National Park System'' has the meaning 
        provided in section 2(a) of the Act of August 8, 1953 (16 
        U.S.C. 1c(a)).

SEC. 3. FINDINGS.

    Congress finds the following:
            (1) Our Nation's parks are among our Nation's greatest 
        treasure and an integral part of our national heritage. We have 
        an obligation to protect them for future generations to enjoy, 
        learn from, and experience.
            (2) Unfortunately, in recent years we have failed to take 
        proper care of our parks. In particular, more and more people 
        are visiting our parks and fewer and fewer real dollars are 
        being spent to protect the resources for which they were set 
        aside--their spectacular vistas, clean and clear water, 
        significant wildlife habitats, historic buildings, etc.
            (3) While it is incumbent upon Congress to appropriate 
        adequate funds for the operation of our national parks, the 
        backlog of natural and cultural resource protection needs 
        together with other needs for transportation improvements, 
        building repairs, etc., is now so great that a new source of 
        funding to meet these needs must be found.
            (4) All park needs, however, are not equal. Of utmost 
        importance and urgency is the need to protect the cultural, 
        historic, and natural resources for which our parks were set 
        aside to protect. These resources are our parks' capital. 
        Unless we preserve them, there will be little reason for 
        Americans and visitors from other countries to visit our parks. 
        Projects that are needed to prevent ongoing or threatened harm 
        to the resources of our parks must be given the highest 
        priority when funding priorities are set. Similarly, projects 
        designed to rehabilitate damage done in the past to park 
        resources should be given the next highest priority.
            (5) In considering the needs of our parks, care must be 
        taken to avoid exacerbating problems, particularly those 
        involving visitors. Emphasis must be placed now, and into the 
        future, on designing and implementing transportation systems 
        which will minimize use of private cars and resultant traffic 
        problems within the parks, while providing safe, reliable, and 
        flexible alternatives.
            (6) In considering the needs of our parks, activities which 
        do not require on the ground construction must not be slighted. 
        In particular, educational and interpretive programs are 
        central to the mission of our parks. Similarly, reliable and 
        sound information is central to the solution of the problems 
        facing them. Accordingly, these kinds of projects should be 
        recognized as essential investments in our parks.

SEC. 4. NATIONAL CAPITAL IMPROVEMENT FUND AND BONDS ISSUED BY SECRETARY 
              OF TREASURY.

    (a) Fund.--There is hereby established in the Treasury a National 
Park Capital Improvement Fund. The Secretary of the Treasury shall 
deposit all the revenues collected by the National Park Service from 
all park units in the National Park System in such Fund. Such Fund 
shall be held in trust by the Secretary of the Treasury for the purpose 
of paying the debt service on the National Park Capital Improvement 
bonds.
    (B) Bonds.--The Secretary of the Treasury shall issue taxable 
bonds, the interest on which shall be paid from the National Park 
Capital Improvement Fund.

SEC. 5. MEMORANDUM OF AGREEMENT.

    The Secretary of the Interior shall enter into a memorandum of 
agreement with the Secretary of the Treasury for the purpose of 
managing the National Park Capital Improvement Fund and issuing 
National Park Capital Improvement bonds. The memorandum shall specify 
each of the following:
            (1) The aggregate face amount of the bonds issued. Such 
        amount may not exceed $1,500,000,000.
            (2) The maturity of the bonds, not to exceed 20 years.
            (3) The per capita amount required to amortize the bond 
        issue, pay the interest on the bonds, and maintain a sufficient 
        reserve consistent with Department of the Treasury standards.
            (4) The kinds of projects that will be funded with the bond 
        proceeds.

SEC. 6. NATIONAL PARK CAPITAL IMPROVEMENT FUND.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary of the Interior is authorized and directed to credit all 
funds collected from the following to the National Park Capital 
Improvement Fund:
            (1) Funds collected pursuant to section 4 of the Land and 
        Water Conservation Fund Act of 1965 (16 U.S.C. 4601-6a).
            (2) Funds collected from the operation of concessions 
        within the entire National Park System under the National Park 
        Concessions Act of 1965 (16 U.S.C. 20 and following).
            (3) Funds collected as special use fees pursuant to the 
        National Park Organic Act of 1916 (39 Stat. 535; 16 U.S.C. 
        1,2,3, and 4) and the National Park Administration Act (16 
        U.S.C. 1b, 1c, and 1d.
    (b) Use.--The National Park Capital Improvement Fund or a set-aside 
portion thereof shall be used by the Secretary of the Treasury to 
amortize the bond issue, pay the interest on the bonds, and maintain a 
sufficient reserve consistent with industry standards.
    (c) Excess Funds.--Any funds collected in excess of the amount 
necessary to amortize the bond issue and maintain a sufficient reserve, 
as determined by the Secretary of the Treasury, shall be held for use 
in amortizing and paying the interest on future National Park Capital 
Improvement bonds for the benefit of all units of the National Park 
System.

SEC. 7. USE OF BOND PROCEEDS.

    (a) Eligible Projects.--
            (1) In general.--Subject to such allocation of funding as 
        may be provided in annual appropriations legislation, and 
        subject to paragraph (2), bond proceeds under this Act may be 
        used for projects that will--
                    (A) protect the natural, historic, cultural, 
                scenic, and other resources of a park including 
                activities which do not require on the ground 
                construction such as obtaining reliable and sound 
                information;
                    (B) provide educational and interpretative programs 
                to enrich the park resource based experience of 
                visitors; and
                    (C) rehabilitate, replace, or repair existing 
                facilities or design and construct new facilities in a 
                park unit provided that it does not create or 
                exacerbate damage to park resources nor degrade the 
                experience of visitors.
            (2) Limitation.--A project referred to in paragraph (1) 
        shall be consistent with--
                    (A) the laws governing the national Park System;
                    (B) any law governing the park unit;
                    (C) the general management plan for the park; and
                    (D) the current list of priority projects necessary 
                to meet park needs.
        In developing the list referred to in subparagraph (D) and in 
        carrying out projects, the resources to be protected by each 
        project shall always be specifically identified and the highest 
        priority shall be given, first, to projects designed to prevent 
        ongoing resource harm and second, to rehabilitate past damage. 
        The next highest priority shall be given to projects that 
        protect resources and enhance the experience of visitors. In 
        considering the needs of our parks, care must be taken to avoid 
        exacerbating problems particularly those involving visitors. 
        Emphasis must be placed on designing and implementing 
        transportation systems which will minimize use of private cars 
        and resultant traffic. No project shall be approved for funding 
        or funded pursuant to this Act if harm to any park resources 
        will result therefrom.
    (b) Interest on Bond Proceeds.--Any interest earned on bond 
proceeds shall be transferred into the National Park Capital 
Improvement Fund.

SEC. 8. ADMINISTRATION.

    (a) Joint Regulations.--The Secretary of the Interior and the 
Secretary of the Treasury shall jointly issue regulations to carry out 
this Act.
    (b) Priorities.--The Secretary of the Interior shall issue 
regulations for the identification and prioritization of projects to be 
funded pursuant to this Act.
National Park Bonds and Capital Improvements Act of 1997 - Establishes in the Treasury a National Park Capital Improvement Fund. Directs the Secretary of the Treasury (the Secretary) to:  (1) deposit all revenues collected by the National Park Service from all park units in the National Park System into such Fund (and requires that the Fund be held in trust by the Secretary for the purpose of paying the debt service on the National Park Capital Improvement bonds); and (2) issue taxable bonds, with the interest paid from the Fund.  Requires the Secretary of the Interior to enter into a memorandum of agreement with the Secretary for the purpose of managing the Fund and issuing bonds. 
Directs the Secretary of the Interior to credit to the Fund specified funds collected pursuant to the Land and Water Conservation Fund Act of 1965 from the operation of concessions within the National Park System under the National Park Concessions Act of 1965 and as special use fees pursuant to the National Park Organic Act of 1916 and the National Park Administration Act. 
Authorizes the use of bond proceeds, subject to specified restrictions, for projects that will:  (1) protect the natural, historic, cultural, scenic, and other resources of a park; (2) provide educational and interpretative programs to enrich the park resource based experience of visitors; and (3) rehabilitate, replace, or repair existing facilities or design and construct new facilities in a park unit. 
Sets forth provisions regarding limits on such projects, interest on bond proceeds, and regulations for the identification and prioritization of projects to be funded pursuant to this Act.
National Park Bonds and Capital Improvements Act of 1997