(c) PROFESSIONAL STANDARDS.—The fundraising
organization shall abide by all relevant professional stand-
ards regarding the issuance of securities and shall comply
with all Federal and State law.
(d) AUDIT.—The fundraising organization shall be
subject to an audit by the Secretary.
(e) NO LIABILITY FOR BONDS.—The United States
shall not be liable for the security of any bonds issued
by the fundraising organization, except that if the sur-
charge specified in section 5(a) is not imposed for any rea-
son or if such surcharge is reduced or eliminated, the full
faith and credit of the United States is pledged to the pay-
ment of such bonds and the interest accruing on such
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) any project that will be funded with the
bond proceeds and the specific responsibilities of the
Secretary and the fundraising organization with re-
spect to the project; and
(5) procedures for modifications of the agree-
ment with the consent of both parties, including
modifications relating to project priorities, based on
changes in circumstances.
SEC. 5. PARK SURCHARGE.
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, the Secretary of the Interior may authorize
the Superintendent of the park to charge and collect, in
addition to any entrance fee collected pursuant to section
4 of the Land and Water Conservation Fund Act of 1965
(16 U.S.C. 460l–6a) or section 315 of the Department of
the Interior and Related Agencies Appropriations Act,
1996 (16 U.S.C. 460l–6a note), a surcharge in an amount
not to exceed $2 for each individual charged the entrance
fee.
(b) USE.—The surcharge shall be used by the fund-
raising organization to amortize the bond issue, provide
for the reasonable costs of administration, and maintain
a sufficient reserve consistent with industry standards.
(c) EXCESS FUNDS.—Any funds collected in excess
of the amount necessary to amortize the bond issue, pay
reasonable administrative expenses, and maintain a suffi-
cient reserve, as determined by the bond underwriter, 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, main-
tenance, repair, or replacement of a facility in the
park. No part of such proceeds (other than interest
as provided in subsection (b)) may be used to defray
administrative expenses.
(2) LIMITATION.—A project referred to in para-
graph (2) shall be consistent with—
(A) the laws governing the National Park
System;
(B) any law governing the park; and
(C) the general management plan for the
park.
(b) INTEREST ON BOND PROCEEDS.—(1) Any inter-
est earned on bond proceeds may be used by the fundrais-
ing organization to—
(A) meet reserve requirements; and
(B) defray administrative expenses incurred in
connection with the management and sale of the
bonds.
(2) All interest on bond proceeds not used for pur-
poses of paragraph (1) shall be remitted to the National
Park Foundation for the benefit of all units of the Na-
tional Park System.
SEC. 7. ADMINISTRATION.
The Secretary, in consultation with the Secretary of
the Treasury, shall issue regulations to carry out this Act.
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