II

104TH CONGRESS

2D SESSION S. 1850

To provide for the recognition and designation of the official society to

administer and coordinate the United States of America activities to

commemorate and celebrate the achievements of the second millennium,

and promote even greater achievements in the millennium to come by

endowing an international cross-cultural scholarship fund to further the

development and education of the world’s future leaders.

IN THE SENATE OF THE UNITED STATES

JUNE 6, 1996

Mr. STEVENS (for himself, Mr. WARNER, Mr. DODD, Mr. BENNETT, Mrs.

BOXER, Mr. BREAUX, Mr. BRYAN, Mr. BURNS, Mr. CHAFEE, Mr. COATS,

Mr. COCHRAN, Mr. D’AMATO, Mr. GRAHAM, Mr. HEFLIN, Mrs.

HUTCHISON, Mr. JEFFORDS, Mr. KERRY, Mr. LIEBERMAN, Mr. LOTT,

Ms. MOSELEY-BRAUN, Mr. MURKOWSKI, Mr. PELL, Mr. PRESSLER, Mr.

ROBB, Mr. SIMON, and Ms. SNOWE) introduced the following bill; which

was read twice and referred to the Committee on Banking, Housing, and

Urban Affairs

A BILL

To provide for the recognition and designation of the official

society to administer and coordinate the United States

of America activities to commemorate and celebrate the

achievements of the second millennium, and promote

even greater achievements in the millennium to come

by endowing an international cross-cultural scholarship

fund to further the development and education of the

world’s future leaders.
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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Millennium Society Act

5 of 1996’’.

6 SEC. 2. DEFINITIONS.

7 As used in this Act:

8 (1) SOCIETY.—The term ‘‘Society’’ means The

9 Millennium Society recognized under section 103.

10 (2) MILLENNIUM SCHOLARS PROGRAM.—The

11 term ‘‘Millennium Scholars Program’’ means the

12 international scholarship program established, en13 dowed, and administered by the Society as described

14 in section 105(6).

15 TITLE I—RECOGNITION OF THE

16 MILLENNIUM SOCIETY

17 SEC. 101. FINDINGS.

18 The Congress finds that—

19 (1) the advent of the third millennium on Janu20 ary 1, 2000, provides the citizens of the United

21 States an opportunity to celebrate the achievements

22 of civilization to date and to promote even greater

23 achievements in the millennium to come;

24 (2) as this Nation approaches the third millen25 nium, it is fitting and proper that the citizens of the
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1 United States join the citizens from other nations

2 around the world in the international celebration of

3 the new millennium in a manner which encourages

4 freedom and international peace and understanding;

5 (3) the advent of the third millennium offers

6 opportunity to bring together young women and men

7 of excellence from throughout the world, without dis8 tinction as to race, sex, language, or religion, in a

9 manner which will foster international fellowship and

10 free and open discourse between all peoples on an

11 unofficial and nongovernmental basis; and

12 (4) it is appropriate and desirable, therefore, to

13 designate the Millennium Society to coordinate ac14 tivities in the United States that celebrate the sec15 ond millennium and the achievements of civilization

16 through the second millennium and to promote even

17 greater achievements in the third millennium, to co18 ordinate those activities with international efforts,

19 and to endow and administer a private scholarship

20 program to prepare young leaders from around the

21 world for the future millennium.

22 SEC. 102. PURPOSES.

23 The purposes of this title are as follows:

24 (1) To recognize the Millennium Society—
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1 (A) to promote and coordinate activities in

2 the United States to commemorate and cele3 brate the achievements of the second

4 millennium;

5 (B) to coordinate these activities with

6 international efforts; and

7 (C) to administer an international scholar8 ship program to support the education of young

9 leaders from around the world to promote even

10 greater achievements in the next millennium.

11 (2) To foster international fellowship and free

12 and open discourse between all peoples on an unoffi13 cial and nongovernmental basis, helping to develop

14 friendly relations among nations and individuals to

15 promote the cause of freedom and peace.

16 (3) To promote international understanding,

17 tolerance, freedom, peace, cooperation, and genuine

18 friendship by bringing together young women and

19 men of excellence, leaders in the arts, sciences, edu20 cation, religion, communications, agriculture, fi21 nance, government, business, journalism, athletics,

22 diplomacy, medicine, law, and other professions and

23 fields of endeavor, from throughout the world for

24 charitable fundraising, education, international ex-
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1 change and communication, and other such chari2 table purposes.

3 (4) To sponsor educational conferences, chari4 table fundraisers, and other charitable activities in5 cluding sponsorship of the World Millennium Char6 ity Ball, an international gathering of diverse young

7 leaders from all continents of the world on Decem8 ber 31, 1999, to celebrate the dawn of the third

9 millennium.

10 (5) To provide for a Millennium Scholars Pro11 gram, an international cross-cultural scholarship

12 program, for preparing young leaders from around

13 the world for even greater achievements in the next

14 millennium by furthering their education, leadership

15 abilities, cultural understanding, and dedication to

16 peace.

17 SEC. 103. RECOGNITION OF THE MILLENNIUM SOCIETY.

18 (a) RECOGNITION.—The following organizations are

19 recognized as ‘‘The Millennium Society’’:

20 (1) The Millennium Society, a nonprofit cor21 poration of the United States chartered and orga22 nized under the laws of the State of Illinois on No23 vember 21, 1983, and operated exclusively for chari24 table and educational purposes within the meaning
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1 of section 501(c)(3) of the Internal Revenue Code of

2 1986, including its members and directors.

3 (2) Any other organization that is organized

4 and operated by the corporation referred to in para5 graph (1) and is operated exclusively for charitable

6 and educational purposes within the meaning of sec7 tion 501(c)(3) of the Internal Revenue Code of

8 1986.

9 (b) OFFICES.—The Society shall maintain its prin10 cipal offices and national headquarters in such place in

11 the United States as is determined by the Society, and

12 may hold its annual and special meetings in such places

13 as the Society shall determine.

14 SEC. 104. CONFORMANCE OF ARTICLES OF INCORPORA15 TION AND BYLAWS.

16 The board of directors of the Society shall take such

17 actions as are necessary to conform the articles of incorpo18 ration and bylaws of the Society to the provisions of this

19 Act.

20 SEC. 105. OBJECTS AND PURPOSES OF THE SOCIETY.

21 The objects and purposes of the Society are recog22 nized as being the following:

23 (1) To establish national goals for commemora24 tion and celebration of the millennium in the United
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1 States and participation by the United States in

2 such international events.

3 (2) To promote and support official celebrations

4 of the millennium in the United States and to co5 ordinate those celebrations with international com6 memorations and celebrations of the millennium.

7 (3) To exercise exclusive jurisdiction, either di8 rectly or through its constituent members or organs,

9 over all matters pertaining to the participation of

10 the United States in commemorations or celebra11 tions of the millennium.

12 (4) To assist organizations and persons con13 cerned with the millennium in commemorations or

14 celebrations of the millennium.

15 (5) To coordinate activities and hold forums

16 and symposiums to promote educational and cross17 cultural exchange.

18 (6) To establish, endow, and administer the

19 Millennium Scholars Program, an international

20 scholarship program that provides for university

21 level exchange for exceptional young women and men

22 from all regions of the world and all pursuits who

23 have proven leadership abilities, true academic supe24 riority, and a demonstrated desire to further inter25 national understanding in order to better prepare
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1 those young leaders for greater achievements in the

2 next millennium by furthering their education, lead3 ership abilities, cultural understanding, and dedica4 tion to freedom and peace.

5 SEC. 106. POWERS OF THE SOCIETY.

6 The Society has perpetual succession and the follow7 ing powers:

8 (1) To adopt and amend articles of incorpora9 tion and bylaws for the management of its property

10 and the regulation of its affairs, not inconsistent

11 with the laws of the United States of America or

12 any State in which the corporation is to operate.

13 (2) To adopt, alter, and use a corporate seal.

14 (3) To choose officers, managers, and agents as

15 the business of the Society may require.

16 (4) To approve and revoke membership in the

17 Society.

18 (5) To charge and collect membership dues.

19 (6) To determine the criteria for and establish

20 subsidiary organs and chapters as may be necessary

21 to the purposes of the Society.

22 (7) To sue and be sued, complain, and defend

23 in any court of competent jurisdiction.

24 (8) To make contracts.
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1 (9) To establish and maintain offices for the

2 conduct of the affairs of the Society.

3 (10) To acquire, hold, and dispose of real and

4 personal property as may be necessary for the pur5 poses of the Society.

6 (11) To accept gifts, legacies, and devises in

7 furtherance of its Society purposes.

8 (12) To borrow money to carry out the pur9 poses of the Society, including to issue notes, bonds,

10 or other evidences of indebtedness, and to secure the

11 same by mortgage, subject in each case to the laws

12 of the United States or of any State.

13 (13) To provide financial assistance to any or14 ganization or association, other than a corporation

15 organized for profit, in furtherance of the purposes

16 of the Society.

17 (14) To conduct campaigns for raising funds

18 and to accept contributions from individuals, cor19 porations, and other bodies, foundations, and

20 organizations.

21 (15) To print, create, and distribute commemo22 rative coins and medals, edit and publish, make, dis23 play, and sell books and magazines, pictures, slides,

24 compact discs, videos, cinemas and other commemo-
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1 rative items, as may be necessary or desirable for

2 the accomplishment of the purposes of the Society.

3 (16) To buy, sell, and generally deal in appro4 priate and related souvenirs, commemorative coins,

5 medals, curios, mementos, and publications.

6 (17) To publish a newsletter, magazine, book,

7 or other publication and exclusively produce and

8 broadcast on radio, television, film and other media

9 consistent with Society purposes.

10 (18) To participate in the production of an

11 international celebration and sanction related events

12 within the United States of America.

13 (19) To do any and all acts and things nec14 essary and proper to carry out the purposes of the

15 Society.

16 SEC. 107. NONPOLITICAL NATURE OF SOCIETY.

17 The Society shall be nonpolitical and nonpartisan

18 and, as an organization, shall not promote the candidacy

19 of any person seeking public office.

20 SEC. 108. MEMBERSHIP.

21 Eligibility for membership in the Society and the

22 rights and privileges of members shall, except as provided

23 in this chapter, be determined as the articles of incorpora24 tion and bylaws of the Society may provide.
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1 SEC. 109. ACTIVE BOARD OF DIRECTORS.

2 (a) COMPOSITION AND CHAIRMAN.—The control and

3 management of the affairs and funds of the Society shall

4 be vested in a board of directors as provided in the articles

5 of incorporation of the Society.

6 (b) TERMS.—The term of each of the members of the

7 board of directors shall be as provided in the articles of

8 incorporation or bylaws of the society. The Board shall

9 elect a permanent board of directors on or before January

10 1, 2001, to administer the Millennium Scholars Program.

11 (c) MEETINGS.—The board of directors shall meet

12 not less than twice annually, and at such other times as

13 may be determined in the manner provided in the articles

14 of incorporation or bylaws of the Society. No meeting of

15 the board of directors may be held except at a time and

16 place stated in the bylaws or in a written notice that is

17 transmitted to each member at the time and in the man18 ner provided in the bylaws.

19 (d) ELECTION AND REMOVAL.—Directors of the So20 ciety shall be elected at the times and in the manner pro21 vided by the articles of incorporation and bylaws of the

22 Society and may be removed from office in the manner

23 provided by the articles of incorporation and bylaws.

24 SEC. 110. OFFICERS OF THE SOCIETY.

25 (a) AUTHORIZED POSITIONS.—The officers of the So26 ciety shall be those provided in the articles of incorpora-
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1 tion and bylaws of the Society. The board of directors may

2 modify the composition of the offices of the Society as the

3 board considers appropriate.

4 (b) PRIVILEGES.—Subject to the provisions of this

5 Act and the articles of incorporation and bylaws of the

6 Society, the privileges of the Society’s officers shall be

7 those prescribed by the board of directors of the Society.

8 (c) COMPENSATION.—Officers may receive compensa9 tion or other remuneration for their services as determined

10 by the board of directors. An officer may be reimbursed,

11 with the approval of the board of directors, for expenses

12 that the officer incurs in the performance of the duties

13 of the office.

14 (d) ELECTION AND TERM OF OFFICE.—Officers of

15 the Society shall be elected annually by action of the board

16 of directors and shall continue in office at the pleasure

17 of the board.

18 (e) DUTIES.—The duties of the officers of the Society

19 shall be such as usually pertain to the offices they hold

20 and shall also include such additional duties as may be

21 delegated by the board of directors.

22 (f) EXECUTIVE DIRECTOR AND OTHER PERSON23 NEL.—The board of directors may employ an executive di24 rector and such other paid employees as may be necessary

25 to assist the officers and the board and to carry out the
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1 programs and business of the Society. The executive direc2 tor and the other employees shall serve at the pleasure

3 of the board of directors. The board of directors shall fix

4 the compensation and prescribe the duties of the executive

5 director and such other paid employees.

6 SEC. 111. PROHIBITION ON DISTRIBUTIONS OF INCOME OR

7 ASSETS AND ON LOANS TO MEMBERS.

8 (a) INCOME AND ASSETS.—Except as provided in

9 subsections (c) and (f) of section 110, no part of the in10 come or assets of the Society shall inure to any of its mem11 bers, directors, officers, or employees, or be distributable

12 to any of them during the life of the Society or upon its

13 dissolution or final liquidation.

14 (b) LOANS.—The Society may not make loans to offi15 cers, directors, or employees. Any director who votes for

16 or assents to the making of a loan or advance to an officer,

17 director, or employee of the Society, and any officer who

18 participates in the making of such loan or advance shall

19 be jointly and severally liable to the Society for the amount

20 of such loan or advance until the repayment thereof.

21 SEC. 112. LIABILITY FOR ACTS OF OFFICERS AND AGENTS.

22 The Society shall be liable for the acts of its officers

23 and agents when acting within the scope of their

24 authority.
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1 SEC. 113. PROHIBITION AGAINST ISSUANCE OF STOCK OR

2 PAYMENT OF DIVIDENDS.

3 The Society shall have no power to issue capital stock

4 or to declare or pay any dividends.

5 SEC. 114. SYMBOLS, EMBLEMS, TRADEMARKS, AND NAMES.

6 (a) EXCLUSIVE RIGHT.—

7 (1) IN GENERAL.—Subject to the preexisting

8 rights described in subsection (b), the Society shall

9 have the sole and exclusive right to use the name

10 ‘‘The Millennium Society’’ and to have and use in

11 carrying out its purpose trademarks, symbols, insig12 nia, emblems, seals, descriptive or designating

13 marks, and slogans as may be required in the fur14 therance of its functions, including ‘‘Countdown

15 2000’’, ‘‘How to do something great for civilization

16 and have a ball doing it’’, ‘‘Millennium Scholars Pro17 gram’’, ‘‘Millennium Scholar’’, ‘‘Millennium Schol18 ars’’, ‘‘Dollars for Scholars’’, and ‘‘Millennium

19 Minute’’ and other such proprietary items as may be

20 identified.

21 (2) AUTHORIZED USE BY OTHERS.—The Soci22 ety may authorize contributors and suppliers of

23 goods or services to use the trade name of the Soci24 ety as well as any trademarks, symbols, insignia,

25 emblems, seals, descriptive or designating marks,

26 and slogans of the Society in advertising that the
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1 contributions, goods, or services were donated, sup2 plied, or furnished to or for the use of, approved, se3 lected, or used by the Society.

4 (b) UNAUTHORIZED USE.—

5 (1) REMEDIES.—Except as provided in para6 graph (2), any person who, without the consent of

7 the Society, uses for the purpose of trade, to induce

8 the sale of any goods or services, or to promote any

9 theatrical exhibition, performance, or competition

10 any trademark, symbol, insignia, emblem, seal, de11 scriptive or designating mark, or slogan described in

12 subsection (a)(1) shall be subject to suit in a civil

13 action by the Society for the remedies provided in

14 the Act of July 5, 1946 (60 Stat. 427; 15 U.S.C.

15 1051 et seq.; popularly known as the Trademark Act

16 of 1946).

17 (2) EXCEPTIONS.—Any person who actually

18 used the trademark, symbol, insignia, emblem, seal,

19 descriptive or designating mark, or slogan described

20 in subsection (a)(1) for any lawful purpose before

21 the date of the enactment of this Act is not prohib22 ited by this section from continuing such lawful use

23 for the same purpose and for the same goods or

24 services. In addition, any person who used, or whose

25 assignor used, any other trademark, symbol, insig-
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1 nia, emblem, seal, descriptive or designating mark,

2 or slogan described in subsection (a)(1) for any law3 ful purpose prior to such date is not prohibited by

4 this section from continuing such lawful use for the

5 same purpose and for the same goods and services.

6 SEC. 115. AGENTS FOR SERVICE OF PROCESS.

7 As a condition precedent to the exercise of any power

8 or privilege granted or conferred under this title, the Soci9 ety shall file in the office of the Secretary of State, or

10 similar office, in each State the name and post office ad11 dress of an authorized agent of the Society in such State

12 upon whom local process or demands against the Society

13 may be served.

14 SEC. 116. BOOKS AND RECORDS.

15 The Society shall keep correct and complete books

16 and records of account and shall keep minutes of the pro17 ceedings of its members, board of directors, and commit18 tees having any authority under the board of directors,

19 and it shall also keep at its principal office a record of

20 the names and addresses of its members entitled to vote.

21 All books and records of the corporation may be inspected

22 by any member entitled to vote, or the agent or attorney

23 of such member, for any proper purpose, at any reason24 able time.
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1 SEC. 117. AUDIT OF FINANCIAL ACCOUNTABILITY.

2 Section 1 of the Act entitled ‘‘An Act to provide for

3 audit of accounts of private corporations established under

4 Federal law,’’ approved August 30, 1964 (36 U.S.C.

5 1101) is amended by adding at the end the following:

6 ‘‘(77) The Millennium Society.’’.

7 SEC. 118. USE OF ASSETS UPON DISSOLUTION OR

8 LIQUIDATION.

9 Upon dissolution or final liquidation of the Society,

10 after discharge or satisfaction of all outstanding obliga11 tions and liabilities, any remaining assets of the Society

12 shall be distributed in accordance with the determination

13 of the board of directors of the Society and in compliance

14 with the articles of incorporation and bylaws of the Society

15 and all Federal and State laws applicable thereto.

16 SEC. 119. RESERVATION OF RIGHT TO AMEND OR REPEAL

17 CHAPTER.

18 The right to alter, amend, or repeal this title at any

19 time is hereby expressly reserved.

20 SEC. 120. REPORTS TO PRESIDENT AND CONGRESS ON

21 OPERATIONS.

22 The Society shall, on or before June 1 of each year,

23 transmit simultaneously to the President and to each

24 House of Congress a detailed report of its operations for

25 the preceding calendar year. The report shall include a

26 complete statement of its receipts and expenditures and
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1 a comprehensive description of the activities and accom2 plishments of the Society during the preceding year. Cop3 ies of the report shall be made available by the Society

4 to interested persons at a reasonable cost.

5 TITLE II—COMMEMORATIVE

6 COINS

7 SEC. 201. COIN SPECIFICATIONS.

8 (a) DENOMINATIONS.—In commemoration of the end

9 of the second millennium and the advent of the third mil10 lennium, the Secretary of the Treasury (hereafter in this

11 Act referred to as the ‘‘Secretary’’) shall mint and issue

12 the following coins:

13 (1) $5 GOLD COINS.—Not more than 100,000

14 $5 coins, each of which shall—

15 (A) weigh 8.359 grams;

16 (B) have a diameter of 0.850 inches; and

17 (C) contain 90 percent gold and 10 percent

18 alloy.

19 (2) $1 SILVER COINS.—Not more than 650,000

20 $1 coins, each of which shall—

21 (A) weigh 26.73 grams;

22 (B) have a diameter of 1.500 inches; and

23 (C) contain 90 percent silver and 10 per24 cent copper.
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1 (b) PLATINUM COINS.—In addition to the coins mint2 ed and issued under subsection (a), if the Secretary deter3 mines such action to be appropriate, the Secretary may

4 mint and issue not more than 100,000 $5 coins, each of

5 which shall—

6 (1) contain platinum in an amount prescribed

7 by the Secretary; and

8 (2) meet such other specifications as the Sec9 retary shall prescribe.

10 (c) LEGAL TENDER.—The coins minted under this

11 Act shall be legal tender, as provided in section 5103 of

12 title 31, United States Code.

13 (d) NUMISMATIC ITEMS.—For purposes of section

14 5134 of title 31, United States Code, all coins minted

15 under this Act shall be considered to be numismatic items.

16 SEC. 202. SOURCES OF BULLION.

17 (a) GOLD.—The Secretary shall obtain gold for mint18 ing coins under this Act pursuant to the authority of the

19 Secretary under other provisions of law.

20 (b) SILVER.—The Secretary shall obtain silver for

21 minting coins under this Act only from stockpiles estab22 lished under the Strategic and Critical Materials Stock

23 Piling Act.

24 SEC. 203. DESIGN OF COINS.

25 (a) DESIGN REQUIREMENTS.—
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1 (1) IN GENERAL.—The design of the coins

2 minted under this Act shall be emblematic of the

3 events of the second millennium and the advent of

4 the third millennium.

5 (2) DESIGNATION AND INSCRIPTIONS.—On

6 each coin minted under this Act there shall be—

7 (A) a designation of the value of the coin;

8 (B) an inscription of the dates ‘‘December

9 31, 1999’’ and ‘‘January 1, 2000’’;

10 (C) inscriptions of the words ‘‘The Second

11 Millennium’’, ‘‘Freedom, Understanding,

12 Peace’’, ‘‘United States of America’’ and ‘‘Com13 memoration of the Past–Celebration of the Fu14 ture’’; and

15 (D) such other inscriptions as the Sec16 retary shall prescribe after consultation with

17 the Society.

18 (b) SELECTION.—The design for the coins minted

19 under this Act shall be—

20 (1) selected by the Secretary after consultation

21 with the board of directors of the Society and the

22 Commission of Fine Arts; and

23 (2) reviewed by the Citizens Commemorative

24 Coin Advisory Committee.
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1 SEC. 204. ISSUANCE OF COINS.

2 (a) QUALITY OF COINS.—Coins minted under this

3 Act shall be issued in uncirculated and proof qualities.

4 (b) MINT FACILITY.—Only 1 facility of the United

5 States Mint may be used to strike any particular combina6 tion of denomination and quality of the coins minted under

7 this Act.

8 (c) PERIOD FOR ISSUANCE.—The Secretary may

9 issue coins minted under this Act only during the period

10 beginning on July 1, 1999, and ending on January 1,

11 2001.

12 SEC. 205. SALE OF COINS.

13 (a) SALE PRICE.—The coins issued under this Act

14 shall be sold by the Secretary at a price equal to the sum

15 of—

16 (1) the face value of the coins;

17 (2) the surcharge provided in subsection (d)

18 with respect to such coins; and

19 (3) the cost of designing and issuing the coins

20 (including labor, materials, dies, use of machinery,

21 overhead expenses, marketing, and shipping).

22 (b) BULK SALES.—The Secretary shall make bulk

23 sales of the coins issued under this Act at a reasonable

24 discount.

25 (c) PREPAID ORDERS.—
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1 (1) IN GENERAL.—The Secretary shall accept

2 prepaid orders for the coins minted under this Act

3 before the issuance of such coins.

4 (2) DISCOUNT.—Sale prices with respect to pre5 paid orders under paragraph (1) shall be at a rea6 sonable discount.

7 (d) SURCHARGES.—All sales shall include a sur8 charge of—

9 (1) $35 per coin for the $5 coin; and

10 (2) $10 per coin for the $1 coin.

11 SEC. 206. GENERAL WAIVER OF PROCUREMENT

12 REGULATIONS.

13 (a) IN GENERAL.—Except as provided in subsection

14 (b), no provision of law governing procurement or public

15 contracts shall be applicable to the procurement of goods

16 and services necessary for carrying out the provisions of

17 this Act.

18 (b) EQUAL EMPLOYMENT OPPORTUNITY.—Sub19 section (a) shall not relieve any person entering into a con20 tract under the authority of this Act from complying with

21 any law relating to equal employment opportunity.

22 SEC. 207. DISTRIBUTION OF SURCHARGES.

23 (a) IN GENERAL.—All surcharges received by the

24 Secretary from the sale of coins issued under this Act shall

25 be promptly paid by the Secretary to the Society, to be
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1 used only for the purpose of supporting the Millennium

2 Scholars Program.

3 (b) AUDITS.—The Comptroller General of the United

4 States shall have the right to examine such books, records,

5 documents, and other data of the Society as may be relat6 ed to the expenditures of amounts paid under subsection

7 (a).

8 (c) CONDITIONS ON PAYMENT OF SURCHARGES.—

9 (1) PAYMENT OF SURCHARGES.—Notwithstand10 ing any other provision of law, no payment shall be

11 paid to the Society under this section unless—

12 (A) all numismatic operation and program

13 costs allocable to the program under which the

14 coins are produced and sold have been recov15 ered; and

16 (B) the Society submits an audited finan17 cial statement which demonstrates to the satis18 faction of the Secretary that, with respect to

19 the purpose described in subsection (a), the So20 ciety has raised funds from private sources for

21 that purpose in an amount that is equal to or

22 greater than the maximum amount that the So23 ciety may receive under this section.

24 (2) ANNUAL AUDITS.—
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1 (A) ANNUAL AUDITS OF RECIPIENTS RE2 QUIRED.—As a condition for receiving any pay3 ment under this section, the Society shall pro4 vide for an annual audit, conducted in accord5 ance with generally accepted government audit6 ing standards by an independent public ac7 countant selected by the Society, of all pay8 ments made to the Society under this section

9 beginning in the first fiscal year of the Society

10 in which any such payment is received and con11 tinuing until all payments received by the Soci12 ety under this section are fully expended or

13 placed in trust.

14 (B) MINIMUM REQUIREMENTS FOR AN15 NUAL AUDITS.—At a minimum, each audit pur16 suant to subparagraph (A) shall report—

17 (i) the amount of payments received

18 by the Society under this section during

19 the fiscal year of the Society for which the

20 audit is conducted;

21 (ii) the amount expended by the Soci22 ety from the proceeds of such surcharges

23 during the fiscal year of the Society for

24 which the audit is conducted; and
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1 (iii) whether all expenditures by the

2 Society during the fiscal year of the Soci3 ety for which the audit is conducted from

4 the proceeds of such surcharges were for

5 the purpose described in subsection (a).

6 (C) RESPONSIBILITY TO ACCOUNT FOR EX7 PENDITURES OF SURCHARGES.—As a condition

8 of receiving any payment under this section, the

9 Society shall take appropriate steps to ensure

10 that the receipt of the payment and the expend11 iture of the proceeds of the surcharge by the

12 Society in each fiscal year of the Society can be

13 accounted for separately from all other revenues

14 and expenditures of the Society.

15 SEC. 208. FINANCIAL ASSURANCES.

16 (a) NO NET COST TO THE GOVERNMENT.—The Sec17 retary shall take such actions as may be necessary to en18 sure that minting and issuing coins under this Act will

19 not result in any net cost to the United States

20 Government.

21 (b) PAYMENT FOR COINS.—A coin shall not be issued

22 under this Act unless the Secretary has received—

23 (1) full payment for the coin;

24 (2) security satisfactory to the Secretary to in25 demnify the United States for full payment; or
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1 (3) a guarantee of full payment satisfactory to

2 the Secretary from a depository institution whose

3 deposits are insured by the Federal Deposit Insur4 ance Corporation or the National Credit Union Ad5 ministration Board.

6 TITLE III—COMMEMORATIVE

7 POSTAGE STAMPS

8 SEC. 301. SENSE OF THE CONGRESS.

9 It is the sense of the Congress that the United States

10 Postal Service should cooperate with the Secretary and the

11 Society—

12 (1) in the issuance of appropriate first day of

13 issuance postage stamps commemorating the end of

14 the second millennium and the advent of the third

15 millennium; and

16 (2) in the production of a philatelic numismatic

17 combination as a unique item to be made available

18 to the public to commemorate the end of the second

19 millennium and the advent of the third millennium.

Æ