SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Celia Cruz Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress hereby finds as follows:
            (1) Celia Cruz began singing in amateur contests in her 
        hometown of Havana, Cuba, at the age of 14.
            (2) During this period Cruz studied music theory, piano and 
        voice at Cuba's National Music Conservatory.
            (3) During the 1950's, Cruz became an accomplished music 
        talent and recording artist in Cuba and beyond the island's 
        shores.
            (4) On July 15, 1960, Cruz, her husband, and the members of 
        her band fled Cuba for the United States to escape the 
        oppressive regime of Fidel Castro.
            (5) Cruz and her husband worked and lived in the United 
        States and became naturalized American citizens.
            (6) Cruz' successful career in the entertainment industry 
        spanned over 5 decades and she is widely known around the globe 
        as ``The Queen of Salsa''.
            (7) Cruz recorded over 70 records during her career, 
        earning multiple Grammy Awards and a Billboard Magazine 
        Lifetime Achievement Award in 1995.
            (8) Cruz has also won numerous Latin Grammy Awards and 
        other music industry recognitions that include a myriad of 
        platinum albums.
            (9) Cruz has been honored with a Lifetime Achievement Award 
        by the Smithsonian Institution and, in 1994, President Clinton 
        presented Cruz with the National Medal of the Arts, the United 
        States highest tribute in the arts community.
            (10) Celia Cruz was a champion of freedom and artistic 
        expression who dedicated herself to helping others.
            (11) During the summer of 2002, a foundation was 
        established in her name, the Celia Cruz Foundation, helping to 
        realize her dream of providing financial aid to low-income 
        students who wish to study music and to assist cancer victims.
            (12) Celia Cruz, whose music, energy, and happiness made 
        her a role model for generations of Americans and inspired 
        audiences around the world, died on July 16, 2003 in Fort Lee, 
        New Jersey.
            (13) In 2008, the world will mark the 5th anniversary of 
        her death and it will be an appropriate time to remember her 
        achievements and lasting musical works and charitable legacy.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--In commemoration of the achievements and 
lasting musical works and charitable legacy of Celia Cruz, the 
Secretary of the Treasury (hereinafter in this Act referred to as the 
``Secretary'') shall mint and issue the following coins:
            (1) $1 silver coins.--Not more than 300,000 $1 coins which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain 90 percent silver and 10 percent 
                copper.
            (2) Half dollar clad coins.--Not more than 500,000 half 
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (b) Legal Tender.--The coins minted under this Act shall be legal 
tender, as provided in section 5103 of title 31, United States Code.
    (c) Numismatic Items.--For purposes of section 5136 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of Celia Cruz and her lasting legacy.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act there shall be--
                    (A) a designation of the value of the coin;
                    (B) an inscription of the year ``2008''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', ``E Pluribus 
                Unum'', and ``The Queen of Salsa''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts and the Celia Cruz Foundation; and
            (2) reviewed by the Citizens Coinage Advisory Committee.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Mint Facility.--Only 1 facility of the United States Mint may 
be used to strike any particular quality of the coins minted under this 
Act.
    (c) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning January 1, 2008.
    (d) Termination of Minting Authority.--No coins may be minted under 
this Act after December 31, 2008.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued under this Act shall be sold by 
the Secretary at a price equal to the sum of--
            (1) the face value of the coins;
            (2) the surcharge provided in section 7(a) with respect to 
        such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued under this Act at a reasonable discount.
    (c) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for the coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) shall be at a reasonable discount.
    (d) Marketing.--The Secretary, in cooperation with the Celia Cruz 
Foundation, shall develop and implement a marketing program to promote 
and sell the coins issued under this Act both within the United States 
and internationally.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge as follows:
            (1) $10 per coin for the $1 coin.
            (2) $3 per coin for the half dollar coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, all surcharges received by the Secretary from the sale of 
coins issued under this Act shall be promptly paid by the Secretary to 
the Celia Cruz Foundation, a nonprofit corporation dedicated to 
offering financial aid to under-privileged students who wish to study 
music as well as funding efforts in the fight against cancer, for the 
purpose of supporting the programs of the Foundation.
    (c) Audits.--The Celia Cruz Foundation shall be subject to the 
audit requirements of section 5134(f)(2) of title 31, United States 
Code, with regard to the amounts received by the Foundation under 
subsection (b).
Celia Cruz Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 300,000 one dollar silver coins and 500,000 half dollar clad coins emblematic of Celia Cruz (known as the "Queen of Salsa") and her legacy.

Establishes surcharges of ten dollars per coin for the dollar coin and three dollars per coin for the half dollar coin, which shall be paid to the Celia Cruz Foundation.
To require the Secretary of the Treasury to mint coins in commemoration of Celia Cruz.