I

104TH CONGRESS

2D SESSION H. R. 3631

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 HOUSE OF REPRESENTATIVES

JUNE 12, 1996

Mr. DAVIS (for himself, Mr. MORAN, Mr. BATEMAN, Mr. PICKETT, Mr. BOUCHER, Mr. SISISKY, Mr. PAYNE of Virginia, Mr. DUNCAN, Mr. FROST,

Mr. FAZIO of California, Mr. YOUNG of Alaska, Mr. WOLF, Mr. WILSON,

Mr. WHITFIELD, Mr. STEARNS, Mr. SCOTT, Mr. ROEMER, Mr. MOORHEAD, Mr. MONTGOMERY, Mr. MARKEY, Mr. MANTON, Mr. LANTOS, Mr.

CONYERS, Mr. COSTELLO, Mr. GEJDENSON, Mr. DURBIN, Mr. BEREUTER, and Mr. BILIRAKIS) introduced the following bill; which was referred to the Committee on Government Reform and Oversight, and in

addition to the Committees on International Relations, and Banking and

Financial Services, for a period to be subsequently determined by the

Speaker, in each case for consideration of such provisions as fall within

the jurisdiction of the committee concerned

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
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fund to further the development and education of the

world’s future leaders.

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;
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1 (2) as this Nation approaches the third millen2 nium, it is fitting and proper that the citizens of the

3 United States join the citizens from other nations

4 around the world in the international celebration of

5 the new millennium in a manner which encourages

6 freedom and international peace and understanding;

7 (3) the advent of the third millennium offers

8 opportunity to bring together young women and men

9 of excellence from throughout the world, without dis10 tinction as to race, sex, language, or religion, in a

11 manner which will foster international fellowship and

12 free and open discourse between all peoples on an

13 unofficial and nongovernmental basis; and

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

15 designate the Millennium Society to coordinate ac16 tivities in the United States that celebrate the sec17 ond millennium and the achievements of civilization

18 through the second millennium and to promote even

19 greater achievements in the third millennium, to co20 ordinate those activities with international efforts,

21 and to endow and administer a private scholarship

22 program to prepare young leaders from around the

23 world for the future millennium.

24 SEC. 102. PURPOSES.

25 The purposes of this title are as follows:
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1 (1) To recognize the Millennium Society—

2 (A) to promote and coordinate activities in

3 the United States to commemorate and cele4 brate the achievements of the second millen5 nium;

6 (B) to coordinate these activities with

7 international efforts; and

8 (C) to administer an international scholar9 ship program to support the education of young

10 leaders from around the world to promote even

11 greater achievements in the next millennium.

12 (2) To foster international fellowship and free

13 and open discourse between all peoples on an unoffi14 cial and nongovernmental basis, helping to develop

15 friendly relations among nations and individuals to

16 promote the cause of freedom and peace.

17 (3) To promote international understanding,

18 tolerance, freedom, peace, cooperation, and genuine

19 friendship by bringing together young women and

20 men of excellence, leaders in the arts, sciences, edu21 cation, religion, communications, agriculture, fi22 nance, government, business, journalism, athletics,

23 diplomacy, medicine, law, and other professions and

24 fields of endeavor, from throughout the world for

25 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 mil9 lennium.

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 organi20 zations.

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 for the expenses that the officer incurs in the performance

12 of the duties of the office.

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

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

15 of directors and shall continue in office at the pleasure

16 of the board.

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

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

19 and shall also include such additional duties as may be

20 delegated by the board of directors.

21 (f) EXECUTIVE DIRECTOR AND OTHER PERSON22 NEL.—The board of directors may employ an executive di23 rector and such other paid employees as may be necessary

24 to assist the officers and the board and to carry out the

25 programs and business of the Society. The executive direc-
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1 tor and the other employees shall serve at the pleasure

2 of the board of directors. The board shall fix the com3 pensation and prescribe the duties of the executive director

4 and such other paid employees.

5 SEC. 111. PROHIBITION ON DISTRIBUTIONS OF INCOME OR

6 ASSETS AND ON LOANS TO MEMBERS.

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

8 section 110(c), no part of the income or assets of the Soci9 ety shall inure to any of its members, trustees, or officers,

10 or be distributable to any of them during the life of the

11 Society or upon its dissolution or final liquidation.

12 (b) LOANS.—The Society may not make loans to offi13 cers, directors, or employees. Any director who votes for

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

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

16 participates in the making of such loan or advance shall

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

18 of such loan or advance until the repayment thereof.

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

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

21 and agents when acting within the scope of their author22 ity.
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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 (a) AUDITS.—Section 1 of the Act entitled ‘‘An Act

3 to provide for audit of accounts of private corporations

4 established under Federal law,’’ approved August 30,

5 1964 (36 U.S.C. 1101) is amended by adding at the end

6 the following:

7 ‘‘(77) The Millennium Society.’’.

8 (b) USE OF CAPITOL GROUNDS.—Section 451 of the

9 Legislative Reorganization Act of 1970 (40 U.S.C. 193m–

10 1) applies to the Society in accordance with the provisions

11 of such section.

12 SEC. 118. USE OF ASSETS UPON DISSOLUTION OR LIQUIDA13 TION.

14 Upon dissolution or final liquidation of the Society,

15 after discharge or satisfaction of all outstanding obliga16 tions and liabilities, any remaining assets of the Society

17 shall be distributed in accordance with the determination

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

19 with the articles of incorporation and bylaws of the Society

20 and all Federal and State laws applicable thereto.

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

22 CHAPTER.

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

24 time is hereby expressly reserved.
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1 SEC. 120. REPORTS TO PRESIDENT AND CONGRESS ON OP2 ERATIONS.

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

4 transmit simultaneously to the President and to each

5 House of Congress a detailed report of its operations for

6 the preceding calendar year. The report shall include a

7 complete statement of its receipts and expenditures and

8 a comprehensive description of the activities and accom9 plishments of the Society during the preceding year. Cop10 ies of the report shall be made available by the Society

11 to interested persons at a reasonable cost.

12 TITLE II—COMMEMORATIVE

13 COINS

14 SEC. 201. COIN SPECIFICATIONS.

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

16 of the second millennium and the advent of the third mil17 lennium, the Secretary of the Treasury (hereafter in this

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

19 the following coins:

20 (1) $5 GOLD COINS.—Not more than 100,000

21 $5 coins, each of which shall—

22 (A) weigh 8.359 grams;

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

24 (C) contain 90 percent gold and 10 percent

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

2 $1 coins, each of which shall—

3 (A) weigh 26.73 grams;

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

5 (C) contain 90 percent silver and 10 per6 cent copper.

7 (b) PLATINUM COINS.—In addition to the coins mint8 ed and issued under subsection (a), if the Secretary deter9 mines such action to be appropriate, the Secretary may

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

11 which shall—

12 (1) contain platinum in an amount prescribed

13 by the Secretary; and

14 (2) meet such other specifications as the Sec15 retary shall prescribe.

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

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

18 title 31, United States Code.

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

20 5134 of title 31, United States Code, all coins minted

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

22 SEC. 202. SOURCES OF BULLION.

23 (a) GOLD.—The Secretary shall obtain gold for mint24 ing coins under this Act pursuant to the authority of the

25 Secretary under other provisions of law.
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1 (b) SILVER.—The Secretary shall obtain silver for

2 minting coins under this Act only from stockpiles estab3 lished under the Strategic and Critical Materials Stock

4 Piling Act.

5 SEC. 203. DESIGN OF COINS.

6 (a) DESIGN REQUIREMENTS.—

7 (1) IN GENERAL.—The design of the coins

8 minted under this Act shall be emblematic of the

9 events of the second millennium and the advent of

10 the third millennium.

11 (2) DESIGNATION AND INSCRIPTIONS.—On

12 each coin minted under this Act there shall be—

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

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

15 31, 1999’’ and ‘‘January 1, 2000’’;

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

17 Millennium’’, ‘‘Freedom, Understanding,

18 Peace’’, ‘‘United States of America’’ and ‘‘Com19 memoration of the Past-Celebration of the Fu20 ture’’; and

21 (D) such other inscriptions as the Sec22 retary shall prescribe after consultation with

23 the Society.

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

25 under this Act shall be—
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1 (1) selected by the Secretary after consultation

2 with the board of directors of the Society and the

3 Commission of Fine Arts; and

4 (2) reviewed by the Citizens Commemorative

5 Coin Advisory Committee.

6 SEC. 204. ISSUANCE OF COINS.

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

8 Act shall be issued in uncirculated and proof qualities.

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

10 States Mint may be used to strike any particular combina11 tion of denomination and quality of the coins minted under

12 this Act.

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

14 issue coins minted under this Act only during the period

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

16 2001.

17 SEC. 205. SALE OF COINS.

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

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

20 of—

21 (1) the face value of the coins;

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

23 with respect to such coins; and
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1 (3) the cost of designing and issuing the coins

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

3 overhead expenses, marketing, and shipping).

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

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

6 discount.

7 (c) PREPAID ORDERS.—

8 (1) IN GENERAL.—The Secretary shall accept

9 prepaid orders for the coins minted under this Act

10 before the issuance of such coins.

11 (2) DISCOUNT.—Sale prices with respect to pre12 paid orders under paragraph (1) shall be at a rea13 sonable discount.

14 (d) SURCHARGES.—All sales shall include a sur15 charge of—

16 (1) $35 per coin for the $5 coin; and

17 (2) $10 per coin for the $1 coin.

18 SEC. 206. GENERAL WAIVER OF PROCUREMENT REGULA19 TIONS.

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

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

22 contracts shall be applicable to the procurement of goods

23 and services necessary for carrying out the provisions of

24 this Act.
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1 (b) EQUAL EMPLOYMENT OPPORTUNITY.—Sub2 section (a) shall not relieve any person entering into a con3 tract under the authority of this Act from complying with

4 any law relating to equal employment opportunity.

5 SEC. 207. DISTRIBUTION OF SURCHARGES.

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

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

8 be promptly paid by the Secretary to the Society, to be

9 used only for the purpose of supporting the Millennium

10 Scholars Program.

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

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

13 documents, and other data of the Society as may be relat14 ed to the expenditures of amounts paid under subsection

15 (a).

16 (c) CONDITIONS ON PAYMENT OF SURCHARGES.—

17 (1) PAYMENT OF SURCHARGES.—Notwithstand18 ing any other provision of law, no payment shall be

19 paid to the Society under this section unless—

20 (A) all numismatic operation and program

21 costs allocable to the program under which the

22 coins are produced and sold have been recov23 ered; and

24 (B) the Society submits an audited finan25 cial statement which demonstrates to the satis-
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1 faction of the Secretary that, with respect to

2 the purpose described in subsection (a), the So3 ciety has raised funds from private sources for

4 that purpose in an amount that is equal to or

5 greater than the maximum amount that the So6 ciety may receive under this section.

7 (2) ANNUAL AUDITS.—

8 (A) ANNUAL AUDITS OF RECIPIENTS RE9 QUIRED.—As a condition for receiving any pay10 ment under this section, the Society shall pro11 vide for an annual audit, conducted in accord12 ance with generally accepted government audit13 ing standards by an independent public ac14 countant selected by the Society, of all pay15 ments made to the Society under this section

16 beginning in the first fiscal year of the Society

17 in which any such payment is received and con18 tinuing until all payments received by the Soci19 ety under this section are fully expended or

20 placed in trust.

21 (B) MINIMUM REQUIREMENTS FOR AN22 NUAL AUDITS.—At a minimum, each audit pur23 suant to subparagraph (A) shall report—

24 (i) the amount of payments received

25 by the Society under this section during
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1 the fiscal year of the Society for which the

2 audit is conducted;

3 (ii) the amount expended by the Soci4 ety from the proceeds of such surcharges

5 during the fiscal year of the Society for

6 which the audit is conducted; and

7 (iii) whether all expenditures by the

8 Society during the fiscal year of the Soci9 ety for which the audit is conducted from

10 the proceeds of such surcharges were for

11 the purpose described in subsection (a).

12 (C) RESPONSIBILITY TO ACCOUNT FOR EX13 PENDITURES OF SURCHARGES.—As a condition

14 of receiving any payment under this section, the

15 Society shall take appropriate steps to ensure

16 that the receipt of the payment and the expend17 iture of the proceeds of the surcharge by the

18 Society in each fiscal year of the Society can be

19 accounted for separately from all other revenues

20 and expenditures of the Society.

21 SEC. 208. FINANCIAL ASSURANCES.

22 (a) NO NET COST TO THE GOVERNMENT.—The Sec23 retary shall take such actions as may be necessary to en24 sure that minting and issuing coins under this Act will
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1 not result in any net cost to the United States Govern2 ment.

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

4 under this Act unless the Secretary has received—

5 (1) full payment for the coin;

6 (2) security satisfactory to the Secretary to in7 demnify the United States for full payment; or

8 (3) a guarantee of full payment satisfactory to

9 the Secretary from a depository institution whose

10 deposits are insured by the Federal Deposit Insur11 ance Corporation or the National Credit Union Ad12 ministration Board.

13 TITLE III—COMMEMORATIVE

14 POSTAGE STAMPS

15 SEC. 301. SENSE OF THE CONGRESS.

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

17 Postal Service should cooperate with the Secretary and the

18 Society—

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

20 issuance postage stamps commemorating the end of

21 the second millennium and the advent of the third

22 millennium; and

23 (2) in the production of a philatelic numismatic

24 combination as a unique item to be made available
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•HR 3631 IH

1 to the public to commemorate the end of the second

2 millennium and the advent of the third millennium.

Æ