SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘George Washington
Commemorative Coin Act of 1996’’.
SEC. 2. COIN SPECIFICATIONS.
(a) $5 GOLD COINS.—The Secretary of the Treasury
(hereafter in this Act referred to as the ‘‘Secretary’’) shall
mint and issue not more than 100,000 5 dollar coins,
which shall—
(1) weigh 8.359 grams;
(2) have a diameter of 0.850 inches; and
(3) contain 90 percent gold and 10 percent
alloy.
(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 gold for minting coins
under this Act pursuant to the authority of the Secretary
under other provisions of law.
SEC. 4. DESIGN OF COINS.
(a) DESIGN REQUIREMENTS.—
(1) IN
GENERAL.—The design of the coins
minted under this Act shall be emblematic of George
Washington.
(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 Mount Vernon Ladies’ Association and the
Commission 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.
(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
shall issue coins minted under this Act beginning May 1,
1999.
(d) TERMINATION
OF MINTING AUTHORITY.—No
coins may be minted under this Act after November 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.—
(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 $35 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 Mount Ver-
non Ladies’ Association (hereafter in this Act referred to
as the ‘‘Association’’) and shall be used—
(1) to supplement the Association’s endowment
for the purpose of providing a permanent source of
support for the preservation of George Washington’s
home; and
(2) to provide financial support for the continu-
ation and expansion of the Association’s efforts to
educate the American public about George Washing-
ton.
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.
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 Association un-
less—
(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 Association submits an audited financial
statement which demonstrates to the satisfaction of
the Secretary of the Treasury that, with respect to
all projects or purposes for which the proceeds of
such surcharge may be used, the Association 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 Association
may receive from the proceeds of such surcharge.
(b) ANNUAL AUDITS.—
(1) ANNUAL
AUDITS
OF
RECIPIENTS
RE-
QUIRED.—The Association shall provide, as a condi-
tion for receiving any amount derived from the pro-
ceeds of any surcharge imposed on the sale of coins
issued under this Act, for an annual audit, in ac-
cordance with generally accepted government audit-
ing standards by an independent public accountant
selected by the Association, of all such payments to
the Association beginning in the first fiscal year of