SEC. 120. REPORTS TO PRESIDENT AND CONGRESS ON OP-
ERATIONS.
The Society shall, on or before June 1 of each year,
transmit simultaneously to the President and to each
House of Congress a detailed report of its operations for
the preceding calendar year. The report shall include a
complete statement of its receipts and expenditures and
a comprehensive description of the activities and accom-
plishments of the Society during the preceding year. Cop-
ies of the report shall be made available by the Society
to interested persons at a reasonable cost.
TITLE II—COMMEMORATIVE
COINS
SEC. 201. COIN SPECIFICATIONS.
(a) DENOMINATIONS.—In commemoration of the end
of the second millennium and the advent of the third mil-
lennium, the Secretary of the Treasury (hereafter in this
Act referred to as the ‘‘Secretary’’) shall mint and issue
the following coins:
(1) $5 GOLD COINS.—Not more than 100,000
$5 coins, each of which shall—
(A) weigh 8.359 grams;
(B) have a diameter of 0.850 inches; and
(C) contain 90 percent gold and 10 percent
alloy.
(2) $1 SILVER COINS.—Not more than 650,000
$1 coins, each of which shall—
(A) weigh 26.73 grams;
(B) have a diameter of 1.500 inches; and
(C) contain 90 percent silver and 10 per-
cent copper.
(b) PLATINUM COINS.—In addition to the coins mint-
ed and issued under subsection (a), if the Secretary deter-
mines such action to be appropriate, the Secretary may
mint and issue not more than 100,000 $5 coins, each of
which shall—
(1) contain platinum in an amount prescribed
by the Secretary; and
(2) meet such other specifications as the Sec-
retary shall prescribe.
(c) LEGAL TENDER.—The coins minted under this
Act shall be legal tender, as provided in section 5103 of
title 31, United States Code.
(d) 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. 202. SOURCES OF BULLION.
(a) GOLD.—The Secretary shall obtain gold for mint-
ing coins under this Act pursuant to the authority of the
Secretary under other provisions of law.
(b) SILVER.—The Secretary shall obtain silver for
minting coins under this Act only from stockpiles estab-
lished under the Strategic and Critical Materials Stock
Piling Act.
SEC. 203. DESIGN OF COINS.
(a) DESIGN REQUIREMENTS.—
(1) IN
GENERAL.—The design of the coins
minted under this Act shall be emblematic of the
events of the second millennium and the advent of
the third millennium.
(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 dates ‘‘December
31, 1999’’ and ‘‘January 1, 2000’’;
(C) inscriptions of the words ‘‘The Second
Millennium’’, 
‘‘Freedom, 
Understanding,
Peace’’, ‘‘United States of America’’ and ‘‘Com-
memoration of the Past-Celebration of the Fu-
ture’’; and
(D) such other inscriptions as the Sec-
retary shall prescribe after consultation with
the Society.
(b) SELECTION.—The design for the coins minted
under this Act shall be—
(1) selected by the Secretary after consultation
with the board of directors of the Society and the
Commission of Fine Arts; and
(2) reviewed by the Citizens Commemorative
Coin Advisory Committee.
SEC. 204. 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 combina-
tion of denomination and quality of the coins minted under
this Act.
(c) PERIOD
FOR ISSUANCE.—The Secretary may
issue coins minted under this Act only during the period
beginning on July 1, 1999, and ending on January 1,
2001.
SEC. 205. 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 pre-
paid orders under paragraph (1) shall be at a rea-
sonable discount.
(d) SURCHARGES.—All sales shall include a sur-
charge of—
(1) $35 per coin for the $5 coin; and
(2) $10 per coin for the $1 coin.
SEC. 206. GENERAL WAIVER OF PROCUREMENT REGULA-
TIONS.
(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.—Sub-
section (a) shall not relieve any person entering into a con-
tract under the authority of this Act from complying with
any law relating to equal employment opportunity.
SEC. 207. 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 Society, to be
used only for the purpose of supporting the Millennium
Scholars Program.
(b) AUDITS.—The Comptroller General of the United
States shall have the right to examine such books, records,
documents, and other data of the Society as may be relat-
ed to the expenditures of amounts paid under subsection
(a).
(c) CONDITIONS ON PAYMENT OF SURCHARGES.—
(1) PAYMENT OF SURCHARGES.—Notwithstand-
ing any other provision of law, no payment shall be
paid to the Society under this section unless—
(A) all numismatic operation and program
costs allocable to the program under which the
coins are produced and sold have been recov-
ered; and
(B) the Society submits an audited finan-
cial statement which demonstrates to the satis-
faction of the Secretary that, with respect to
the purpose described in subsection (a), the So-
ciety has raised funds from private sources for
that purpose in an amount that is equal to or
greater than the maximum amount that the So-
ciety may receive under this section.
(2) ANNUAL AUDITS.—
(A) ANNUAL AUDITS OF RECIPIENTS RE-
QUIRED.—As a condition for receiving any pay-
ment under this section, the Society shall pro-
vide for an annual audit, conducted in accord-
ance with generally accepted government audit-
ing standards by an independent public ac-
countant selected by the Society, of all pay-
ments made to the Society under this section
beginning in the first fiscal year of the Society
in which any such payment is received and con-
tinuing until all payments received by the Soci-
ety under this section are fully expended or
placed in trust.
(B) MINIMUM
REQUIREMENTS
FOR
AN-
NUAL AUDITS.—At a minimum, each audit pur-
suant to subparagraph (A) shall report—
(i) the amount of payments received
by the Society under this section during
the fiscal year of the Society for which the
audit is conducted;
(ii) the amount expended by the Soci-
ety from the proceeds of such surcharges
during the fiscal year of the Society for
which the audit is conducted; and
(iii) whether all expenditures by the
Society during the fiscal year of the Soci-
ety for which the audit is conducted from
the proceeds of such surcharges were for
the purpose described in subsection (a).
(C) RESPONSIBILITY TO ACCOUNT FOR EX-
PENDITURES OF SURCHARGES.—As a condition
of receiving any payment under this section, the
Society shall take appropriate steps to ensure
that the receipt of the payment and the expend-
iture of the proceeds of the surcharge by the
Society in each fiscal year of the Society can be
accounted for separately from all other revenues
and expenditures of the Society.
SEC. 208. FINANCIAL ASSURANCES.
(a) NO NET COST TO THE GOVERNMENT.—The Sec-
retary shall take such actions as may be necessary to en-
sure that minting and issuing coins under this Act will
not result in any net cost to the United States Govern-
ment.
(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 in-
demnify 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 Insur-
ance Corporation or the National Credit Union Ad-
ministration Board.
TITLE III—COMMEMORATIVE
POSTAGE STAMPS
SEC. 301. SENSE OF THE CONGRESS.
It is the sense of the Congress that the United States
Postal Service should cooperate with the Secretary and the
Society—
(1) in the issuance of appropriate first day of
issuance postage stamps commemorating the end of
the second millennium and the advent of the third
millennium; and
(2) in the production of a philatelic numismatic
combination as a unique item to be made available
to the public to commemorate the end of the second
millennium and the advent of the third millennium.
Æ