A bill to provide for the issuance of a coin to commemorate the 400th anniversary of the Jamestown settlement.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Jamestown 400th Anniversary 
Commemorative Coin Act of 2003''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the founding of the colony at Jamestown, Virginia in 
        1607, the first permanent English colony in America, and the 
        capital of Virginia for 92 years, has major significance in the 
        history of the United States;
            (2) the Jamestown settlement brought people from throughout 
        the Atlantic Basin together to form a multicultural society, 
        including English, other Europeans, Native Americans, and 
        Africans;
            (3) the economic, political, religious, and social 
        institutions that developed during the first 9 decades of the 
        existence of Jamestown continue to have profound effects on the 
        United States, particularly in English common law and language, 
        cross cultural relationships, manufacturing, and economic 
        structure and status;
            (4) the National Park Service, the Association for the 
        Preservation of Virginia Antiquities, and the Jamestown-
        Yorktown Foundation of the Commonwealth of Virginia 
        collectively own and operate significant resources related to 
        the early history of Jamestown;
            (5) in 2000, Congress established the Jamestown 400th 
        Commemoration Commission to ensure a suitable national 
        observance of the Jamestown 2007 anniversary and to support and 
        facilitate marketing efforts for a commemorative coin, stamp, 
        and related activities for the Jamestown 2007 observances;
            (6) a commemorative coin will bring national and 
        international attention to the lasting legacy of Jamestown, 
        Virginia; and
            (7) the proceeds from a surcharge on the sale of such 
        commemorative coin will assist the financing of a suitable 
        national observance in 2007 of the 400th anniversary of the 
        founding of Jamestown, Virginia.

SEC. 3. COIN SPECIFICATIONS.

    (a) $5 Gold Coins.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall issue not more than 100,000 $5 
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) $1 Silver Coins.--The Secretary shall issue not more than 
500,000 $1 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.
    (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 5132(a)(1) of title 
31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.
    (e) Sources of Bullion.--
            (1) Gold.--The Secretary shall obtain gold for minting 
        coins under this Act pursuant to the authority of the Secretary 
        under section 5116 of title 31, United States Code.
            (2) Silver.--The Secretary shall obtain silver for the 
        coins minted under this Act only from stockpiles established 
        under the Strategic and Critical Minerals Stock Piling Act (50 
        U.S.C. 98 et seq.).

SEC. 4. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the settlement of Jamestown, 
        Virginia, the first permanent English settlement in America.
            (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 ``2007''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''.
    (b) Design Selection.--Subject to subsection (a), the design for 
the coins minted under this Act shall be--
            (1) selected by the Secretary after consultation with--
                    (A) the Jamestown 2007 Steering Committee, created 
                by the Jamestown-Yorktown Foundation of the 
                Commonwealth of Virginia;
                    (B) the National Park Service; and
                    (C) 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) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the period beginning on January 1, 2007, and 
ending on December 31, 2007.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins minted 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 (c) 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) 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 prepaid orders 
        under paragraph (1) shall be at a reasonable discount.
    (c) Bulk Sales.--The Secretary shall make bulk sales of the coins 
minted under this Act at a reasonable discount.
    (d) Surcharge.--All sales of coins minted under this Act shall 
include a surcharge of--
            (1) $35 per coin for the $5 coin; and
            (2) $10 per coin for the $1 coin.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

    (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.--Subsection (a) shall not relieve 
any person entering into a contract under the authority of this Act 
from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) Recipients.--
            (1) In general.--All surcharges received by the Secretary 
        from the sale of coins minted under this Act shall be promptly 
        paid by the Secretary to the recipients listed under paragraphs 
        (2) and (3).
            (2) Jamestown-yorktown foundation.--The Secretary shall 
        distribute 50 percent of the surcharges described under 
        paragraph (1) to the Jamestown-Yorktown Foundation of the 
        Commonwealth of Virginia, to support programs to promote the 
        understanding of the legacies of Jamestown.
            (3) Other recipients.--
                    (A) In general.--The Secretary shall distribute 50 
                percent of the surcharges described under paragraph (1) 
                to the entities specified under subparagraph (B), in 
                equal shares, for the purposes of--
                            (i) sustaining the ongoing mission of 
                        preserving Jamestown;
                            (ii) enhancing the national and 
                        international educational programs;
                            (iii) improving infrastructure and 
                        archaeological research activities; and
                            (iv) conducting other programs to support 
                        the commemoration of the 400th anniversary of 
                        Jamestown.
                    (B) Entities specified.--Entities specified under 
                this subparagraph are--
                            (i) the Secretary of the Department of the 
                        Interior;
                            (ii) the President of the Association for 
                        the Preservation of Virginia Antiquities; and
                            (iii) the Chairman of the Jamestown 
                        Yorktown Foundation.
    (b) Audits.--The Comptroller General of the United States shall 
have the right to examine such books, records, documents, and other 
data of the entities specified in subsection (a), as may be related to 
the expenditure of amounts distributed under subsection (a).

SEC. 9. FINANCIAL ASSURANCES.

    (a) No Net Cost to the Government.--The Secretary shall take such 
actions as may be necessary to ensure that minting and issuing coins 
under this Act will not result in any net cost to the United States 
Government.
    (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 indemnify the 
        United States for full payment; or
            (3) a guarantee of full payment satisfactory to the 
        Secretary from a depository institution, the deposits of which 
        are insured by the Federal Deposit Insurance Corporation or the 
        National Credit Union Administration.

Summary: Jamestown 400th Anniversary Commemorative Coin Act of 2003 - Directs the Secretary of the Treasury (the Secretary) to mint and issue not more than 100,000 $5 gold coins and 500,000 $1 silver coins, which shall be emblematic of the settlement of Jamestown, Virginia (the first permanent English settlement in America).

Prohibits: (1) any provision of law governing procurement or public contracts from being applicable to the procurement of goods and services necessary for carrying out the provisions of this Act; and (2) such general waiver of procurement regulations from relieving any person entering into a contract under the authority of this Act from complying with any law relating to equal employment opportunity.

Provides for a $35 per coin surcharge for the $5 dollar coins and $10 per coin for the $1 dollar coins. Directs the Secretary to distribute: (1) 50 percent of the surcharges to the Jamestown-Yorktown Foundation of Virginia to support programs to promote the understanding of the legacies of Jamestown; and (2) 50 percent to sustain the ongoing mission of preserving Jamestown, to enhance national and international educational programs, to improve infrastructure and archeological research activities, and to conduct other programs to support the commemoration of the 400th anniversary of the settlement of Jamestown. States that entities specified for such purposes are the Secretary of the Department of the Interior, the President of the Association for the Preservation of Virginia Antiquities, and the Chairman of the Jamestown-Yorktown Foundation. Requires the Secretary to take such actions as may be necessary to ensure that minting and issuing coins under this Act will not result in any net cost to the U.S. Government. Prohibits the issuance of a coin unless the Secretary has received: (1) full payment for the coin; (2) security satisfactory to the Secretary to indemnify the United States for full payment; or (3) a guarantee of full payment satisfactory to the Secretary from a depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.