To authorize the Secretary of the Interior to set aside up to $2 per person from park entrance fees or assess up to $2 per person visiting the Grand Canyon National Park and certain other units of the National Park System to secure bonds for capital improvements to these parks, and for other purposes.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``National Parks 
Capital Improvements Act of 2001''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Fundraising organization.
Sec. 4. Memorandum of agreement.
Sec. 5. National park surcharge or set-aside.
Sec. 6. Use of bond proceeds.
Sec. 7. Administration.

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) Memorandum of agreement.--The term ``memorandum of 
        agreement'' means a memorandum of agreement entered into by the 
        Secretary under section 3(a) that contains the terms specified 
        in section 4.
            (3) National park foundation.--The term ``National Park 
        Foundation'' means the foundation established under Public Law 
        90-209 (16 U.S.C. 19e et seq.).
            (4) National park.--The term ``national park'' means--
                    (A) the Grand Canyon National Park; and
                    (B) any other unit of the National Park System 
                designated by the Secretary that has an approved 
                general management plan with capital needs in excess of 
                $5,000,000.
            (5) 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 a national park.
    (b) Bonds.--The fundraising organization for a national park shall 
issue taxable bonds in return for the surcharge or set-aside for that 
national park 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 applicable Federal and State law.
    (d) Audit.--The fundraising organization shall be subject to an 
audit by the Secretary.
    (e) No Liability for Bonds.--
            (1) In general.--The United States shall not be liable for 
        the security of any bonds issued by the fundraising 
        organization.
            (2) Exception.--If the surcharge or set-aside described in 
        section 5(a) for a national park is not imposed for any reason, 
        or if the surcharge or set-aside is reduced or eliminated, the 
        full faith and credit of the United States is pledged to the 
        payment of--
                    (A) the bonds issued by a fundraising organization 
                under subsection (b) for that national park; and
                    (B) the interest accruing on the bonds.

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;
            (4) the project or projects at the national park that will 
        be funded with the bond proceeds and the specific 
responsibilities of the Secretary and the fundraising organization with 
respect to each project; and
            (5) procedures for modifications of the agreement with the 
        consent of both parties based on changes in circumstances, 
        including modifications relating to project priorities.

SEC. 5. NATIONAL PARK SURCHARGE OR SET-ASIDE.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary may authorize the superintendent of a national park for which 
a memorandum of agreement is in effect--
            (1) to charge and collect a surcharge in an amount not to 
        exceed $2 for each individual otherwise subject to an entrance 
        fee for admission to the national park; or
            (2) to set aside not more than $2 for each individual 
        charged the entrance fee.
    (b) Surcharge in Addition to Entrance Fees.--A surcharge under 
subsection (a) shall be in addition to any entrance fee collected 
pursuant to--
            (1) section 4 of the Land and Water Conservation Fund Act 
        of 1965 (16 U.S.C. 460l-6a);
            (2) the Recreational Fee Demonstration Program authorized 
        by section 315 of the Department of the Interior and Related 
        Agencies Appropriations Act, 1996 (as contained in section 
        101(c) of Public Law 104-134; 16 U.S.C. 460l-6a note); or
            (3) the national park passport program under title VI of 
        the National Parks Omnibus Management Act of 1998 (16 U.S.C. 
        5991 et seq.).
    (c) Limitation.--The total amount charged or set aside under 
subsection (a) may not exceed $2 for each individual charged an 
entrance fee.
    (d) Use.--A surcharge or set-aside under subsection (a) shall be 
used by the fundraising organization to--
            (1) amortize the bond issue;
            (2) provide for the reasonable costs of administration; and
            (3) maintain a sufficient reserve consistent with industry 
        standards, as determined by the bond underwriter.
    (e) Excess Funds.--Any funds collected in excess of the amount 
necessary to fund the uses in subsection (d) 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 national park for which the bond was issued.
            (2) Project limitations.--A project referred to in 
        paragraph (1) shall be consistent with--
                    (A) the laws governing the National Park System;
                    (B) any law governing the national park in which 
                the project is to be completed; and
                    (C) the general management plan for the national 
                park.
            (3) Prohibition on use for administration.--Other than 
        interest as provided in subsection (b), no part of the bond 
        proceeds may be used to defray administrative expenses.
    (b) Interest on Bond Proceeds.--
            (1) Authorized uses.--Any interest earned on bond proceeds 
        may be used by the fundraising organization--
                    (A) to meet reserve requirements; and
                    (B) to defray reasonable administrative expenses 
                incurred in connection with the management and sale of 
                the bonds.
            (2) Excess interest.--All interest on bond proceeds not 
        used for purposes of paragraph (1) shall 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 promulgate regulations to carry out this Act.

Summary: National Parks Capital Improvements Act of 2001 - 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 or set-aside. Authorizes the Secretary to set aside up to $2 per person from park entrance fees, or to assess an additional $2 per person, to secure bonds for park capital improvements.