SECTION 1. SHORT TITLE.

    This Act may be cited as the ``National Parks Capital Improvements 
Act of 1997''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fundraising organization.--The term ``fundraising 
        organization'' means an entity authorized to act as a 
        fundraising organization under section 3(a).
            (2) National park foundation.--The term ``National Park 
        Foundation'' means the foundation established under the Act 
        entitled ``An Act to establish the National Park Foundation'', 
        approved December 18, 1967 (16 U.S.C. 19e et seq.).
            (3) Park.--The term ``park'' means--
                    (A) the Grand Canyon National Park; and
                    (B) any other national park designated by the 
                Secretary that has an approved general management plan 
                with capital needs in excess of $5,000,000.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.

SEC. 3. FUNDRAISING ORGANIZATION.

    (a) In General.--The Secretary may enter into a memorandum of 
agreement under section 4 with an entity to act as an authorized 
fundraising organization for the benefit of the park.
    (b) Bonds.--The fundraising organization shall issue taxable bonds 
in return for the park surcharge collected under section 5.
    (c) Professional Standards.--The fundraising organization shall 
abide by all relevant professional standards regarding the issuance of 
securities and shall comply with all Federal and State law.
    (d) Audit.--The fundraising organization shall be subject to an 
audit by the Secretary.
    (e) No Liability For Bonds.--The United States shall not be liable 
for the security of any bonds issued by the fundraising organization.

SEC. 4. MEMORANDUM OF AGREEMENT.

    The fundraising organization shall enter into a memorandum of 
agreement that specifies--
            (1) the amount of the bond issue;
            (2) the maturity of the bonds, not to exceed 20 years;
            (3) the per capita amount required to amortize the bond 
        issue, provide for the reasonable costs of administration, and 
        maintain a sufficient reserve consistent with industry 
        standards; and
            (4) any project that will be funded with the bond proceeds 
        and the specific responsibilities of the Secretary and the 
        fundraising organization with respect to the project.

SEC. 5. PARK SURCHARGE OR SET-ASIDE.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary of the Interior may authorize the Superintendent of the 
park--
            (1) to charge and collect, in addition to the entrance fee 
        collected pursuant to section 4 of the Land and Water 
        Conservation Fund Act of 1965 (16 U.S.C. 460l-6a), a surcharge 
        in an amount not to exceed $2 for each individual charged the 
        entrance fee; or
            (2) to set aside not more than $2 for each individual 
        charged the entrance fee.
    (b) Limit.--The total amount charged or set aside under subsection 
(a) may not exceed $2 for each individual charged an entrance fee.
    (c) Use.--The surcharge or set-aside shall be used by the 
fundraising organization to amortize the bond issue, provide for the 
reasonable costs of administration, and maintain a sufficient reserve 
consistent with industry standards.
    (d) Excess Funds.--Any funds collected in excess of the amount 
necessary to amortize the bond issue, pay reasonable administrative 
expenses, and maintain a sufficient reserve, as determined by the bond 
underwriter, shall be remitted to the National Park Foundation to be 
used for the benefit of all units of the National Park System.

SEC. 6. USE OF BOND PROCEEDS.

    (a) Eligible Projects.--
            (1) In general.--Subject to paragraph (2), bond proceeds 
        under this Act may be used for a project for the design, 
        construction, operation, maintenance, repair, or replacement of 
        a facility in the park.
            (2) Limitation.--A project referred to in paragraph (2) 
        shall be consistent with--
                    (A) the laws governing the National Park System;
                    (B) any law governing the park; and
                    (C) the general management plan for the park.
    (b) Interest on Bond Proceeds.--Any interest earned on bond 
proceeds shall--
            (1) be used by the fundraising organization to--
                    (A) meet reserve requirements; and
                    (B) defray reasonable administrative expenses; and
            (2) to the extent funds are available in excess of the 
        amount required for paragraph (1), be remitted to the National 
        Park Foundation for the benefit of all units of the National 
        Park System.

SEC. 7. ADMINISTRATION.

    The Secretary, in consultation with the Secretary of Treasury, 
shall issue regulations to carry out this Act.
National Parks Capital Improvements Act of 1997 - Authorizes the Secretary of the Interior to enter into a memorandum of agreement with an entity to act as an authorized fund raising organization for the benefit of the Grand Canyon National Park and any other national park designated by the Secretary that has an approved general management plan with capital needs in excess of $5 million.  Requires the organization to issue taxable bonds in return for a park surcharge. Exempts the United States from liability for such bonds. 
Authorizes the Secretary to:  (1) permit the Superintendent of the park to charge and collect, in addition to the entrance fee, a surcharge of not to exceed two dollars; or (2) set aside not more than two dollars for each entrance fee.  Requires:  (1) the surcharge or set-aside to be used by the organization to amortize the bond issue, to provide for the reasonable costs of administration, and to maintain a sufficient reserve consistent with industry standards; and (2) any excess funds to be remitted to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units. 
Allows bond proceeds to be used for a park facility project that is consistent with:  (1) the laws governing the NPS and the park; and (2) the general management plan for the park. 
Requires interest earned on bond proceeds to be:  (1) used by the organization to meet reserve requirements and defray reasonable administrative expenses; and (2) remitted to the NPF for the benefit of all NPS units, to the extent funds are available in excess of the amount required for projects.
National Parks Capital Improvements Act of 1997