George Washington Commemorative Coin Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``George Washington Commemorative Coin 
Act''.

SEC. 2. COIN SPECIFICATIONS.

    (a) Five Dollar Coins.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall mint and issue not more than 
100,000 $5 coins, each of which shall--
            (1) weigh 8.359 grams;
            (2) have a diameter of 0.850 inches; and
            (3) contain 90 percent gold and 10 percent alloy.
    (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 5134 of title 31, 
United States Code, all coins minted under this Act shall be considered 
to be numismatic items.

SEC. 3. SOURCES OF BULLION.

    The Secretary shall obtain gold for minting coins under this Act 
pursuant to the authority of the Secretary under other provisions of 
law.

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of George Washington, the first 
        President of the United States.
            (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 ``1999''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Mount Vernon Ladies' Association and the Commission of Fine 
        Arts; and
            (2) reviewed by the Citizens Commemorative Coin 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 combination of denomination and 
quality of the coins minted under this Act.
    (c) Commencement of Issuance.--The Secretary may issue coins minted 
under this Act beginning May 1, 1999.
    (d) Termination of Minting Authority.--No coins may be minted under 
this Act after November 1, 1999.

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 subsection (d) 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) Surcharges.--All sales of coins minted under this Act shall 
include a surcharge of $35 per coin.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (a) In General.--Except as provided in subsection (b), no provision 
of law governing procurement or public contracts shall be applicable to 
the procurement of goods and services necessary for carrying out the 
provisions of this Act.
    (b) Equal Employment Opportunity.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) In General.--All surcharges received by the Secretary from the 
sale of coins issued under this Act shall be promptly paid by the 
Secretary to the Mount Vernon Ladies' Association to be used--
            (1) to supplement the endowment of the Mount Vernon Ladies' 
        Association, which shall be a permanent source of support for 
        the preservation of George Washington's home; and
            (2) for the continuation and expansion of the efforts of 
        the Mount Vernon Ladies' Association to educate the American 
        public about the life of George Washington.
    (b) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of the Mount Vernon Ladies' Association as may be related to the 
expenditures of amounts paid under subsection (a).

SEC. 9. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (b) Payment for Coins.--A coin shall not be issued under this Act 
unless the Secretary has received--
            (1) full payment for the coin;
            (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.

Summary: George Washington Commemorative Coin Act - Requires the Secretary of Treasury to mint and issue five-dollar gold coins emblematic of George Washington. Mandates that the design for the coins shall be: (1) selected by the Secretary after consultation with the Mount Vernon Ladies' Association and the Commission of Fine Arts. And (2) reviewed by the Citizens Commemorative Coin Advisory Committee. Provides for the distribution of coin sale surcharges to the Mount Vernon Ladies' Association.