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SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Dolley Madison Com-
memorative Coin Act’’.
SEC. 2. COIN SPECIFICATIONS.
(a) $1 SILVER COINS.—In commemoration of the
150th anniversary of the death of Dolley Madison, the
Secretary of the Treasury (hereafter in this Act referred
to as the ‘‘Secretary’’) shall mint and issue not more than
500,000 1 dollar coins, which shall—
(1) weigh 26.73 grams;
(2) have a diameter of 1.500 inches; and
(3) contain 90 percent silver and 10 percent
copper.
(b) LEGAL TENDER.—The coins minted under this
Act shall be legal tender, as provided in section 5103 of
title 31, United States Code.
(c) NUMISMATIC ITEMS.—For purposes of section
5136 of title 31, United States Code, all coins minted
under this Act shall be considered to be numismatic items.
SEC. 3. SOURCES OF BULLION.
The Secretary shall obtain silver for minting coins
under this Act only from stockpiles established under the
Strategic and Critical Materials Stock Piling Act.
SEC. 4. DESIGN OF COINS.
(a) DESIGN REQUIREMENTS.—
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(1) IN
GENERAL.—The design of the coins
minted under this Act shall be emblematic of the
150th anniversary of the death of Dolley Madison
and the life and achievements of the wife of the 4th
President of the United States.
(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 year ‘‘1999’’; and
(C) inscriptions of the words ‘‘Liberty’’,
‘‘In God We Trust’’, ‘‘United States of Amer-
ica’’, and ‘‘E Pluribus Unum’’.
(b) SELECTION.—The design for the coins minted
under this Act shall be—
(1) selected by the Secretary after consultation
with the executive director of Montpelier, the Na-
tional Trust for Historic Preservation, and the Com-
mission of Fine Arts; and
(2) reviewed by the Citizens Commemorative
Coin Advisory Committee.
SEC. 5. ISSUANCE OF COINS.
(a) QUALITY OF COINS.—Coins minted under this
Act shall be issued in uncirculated and proof qualities.
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(b) MINT FACILITY.—Only 1 facility of the United
States Mint may be used to strike any particular quality
of the coins minted under this Act.
(c) COMMENCEMENT OF ISSUANCE.—The Secretary
may issue coins minted under this Act beginning January
1, 1999.
(d) TERMINATION
OF MINTING AUTHORITY.—No
coins may be minted under this Act after December 31,
1999.
SEC. 6. 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.—
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(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 $10 per coin.
SEC. 7. 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. 8. DISTRIBUTION OF SURCHARGES.
Subject to section 10(a), all surcharges received by
the Secretary from the sale of coins issued under this Act
shall be promptly paid by the Secretary to the National
Trust for Historic Preservation in the United States
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(hereafter in this Act referred to as the ‘‘National Trust’’)
to be used—
(1) to establish an endowment to be a perma-
nent source of support for Montpelier, the home of
James and Dolley Madison and a museum property
of the National Trust; and
(2) to fund capital restoration projects at Mont-
pelier.
SEC. 9. 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.
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SEC. 10. CONDITIONS ON PAYMENT OF SURCHARGES.
(a) PAYMENT
OF SURCHARGES.—Notwithstanding
any other provision of law, no amount derived from the
proceeds of any surcharge imposed on the sale of coins
issued under this Act shall be paid to the National Trust
unless—
(1) all numismatic operation and program costs
allocable to the program under which such coins are
produced and sold have been recovered; and
(2) the National Trust submits an audited fi-
nancial statement which demonstrates to the satis-
faction of the Secretary of the Treasury that, with
respect to all projects or purposes for which the pro-
ceeds of such surcharge may be used, the National
Trust has raised funds from private sources for such
projects and purposes in an amount which is equal
to or greater than the maximum amount the Na-
tional Trust may receive from the proceeds of such
surcharge.
(b) ANNUAL AUDITS.—
(1) ANNUAL
AUDITS
OF
RECIPIENTS
RE-
QUIRED.—The National Trust shall provide, as a
condition for receiving any amount derived from the
proceeds of any surcharge imposed on the sale of
coins issued under this Act, for an annual audit, in
accordance with generally accepted government au-