50th Anniversary of the Texas Western College Men's Basketball Championship Commemorative Coin Act

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``50th Anniversary of the Texas 
Western College Men's Basketball Championship Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) On March 19, 1966, Texas Western College (the 
        ``Miners'') defeated the University of Kentucky in the National 
        Collegiate Athletic Association (``NCAA'') men's college 
        basketball final at Cole Field House in College Park, Maryland, 
        by a score of 72-65.
            (2) The 1966 Miners are still the only team from the State 
        of Texas to win a NCAA basketball championship.
            (3) This marked the first time an all-Black starting lineup 
        had won the NCAA championship;
            (4) After the 1966 championship, many college teams 
        throughout the South following the Miners' example began 
        recruiting Black athletes, ending years of segregation.
            (5) Immediately after the championship, between the years 
        of 1966 and 1985, the average number of Black players on 
        college teams nearly doubled.
            (6) Every southern conference team (including the 
        Southeastern Conference) followed the Miners' example, and all 
        basketball teams were integrated the following season.
            (7) The top-ranked University of Kentucky men's basketball 
        team was favored in the final over the third-ranked Texas 
        Western College squad.
            (8) Texas Western College was led by coach Don Haskins and 
        the University of Kentucky by coach Adolph Rupp.
            (9) Coach Haskins taught his team the ``swinging gate'' 
        defensive style he had learned as a player at Oklahoma 
        Agricultural and Mechanical College (now Oklahoma State 
        University) under legendary coach Henry Iba.
            (10) Texas Western College's journey to the 1966 NCAA 
        championship was depicted in the 2006 film titled ``Glory 
        Road''.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--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 50,000 $5 coins, 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 400,000 $1 coins, which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) contain 90 percent silver.
            (3) Half-dollar clad coins.--Not more than 750,000 half-
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) have a diameter of 1.205 inches; and
                    (C) be minted to the specifications for half-dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (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 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

SEC. 4. DESIGN OF COINS.

    (a) In General.--The design of the coins minted under this Act 
shall be emblematic of the game of basketball and shall be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts and the National Collegiate Basketball 
        Hall of Fame; and
            (2) reviewed by the Citizens Coinage Advisory Committee.
    (b) Designation and Inscriptions.--On each coin minted under this 
Act there shall be--
            (1) a designation of the value of the coin;
            (2) an inscription of the year ``2017''; and
            (3) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''.

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 1-year period beginning on January 1, 
2017.

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 section 7(a) 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 prepaid orders 
        under paragraph (1) shall be at a reasonable discount.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins issued under this Act shall 
include a surcharge of--
            (1) $35 per coin for the $5 coin;
            (2) $10 per coin for the $1 coin; and
            (3) $5 per coin for the half-dollar coin.
    (b) Distribution.--Subject to section 5134(f)(1) of title 31, 
United States Code, 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 Collegiate Basketball Hall of Fame to help 
finance renovations of existing National Collegiate Basketball Hall of 
Fame facilities.
    (c) Audits.--The National Collegiate Basketball Hall of Fame shall 
be subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code, with regard to the amounts received under 
subsection (b).
    (d) Limitation.--Notwithstanding subsection (a), no surcharge may 
be included with respect to the issuance under this Act of any coin 
during a calendar year if, as of the time of such issuance, the 
issuance of such coin would result in the number of commemorative coin 
programs issued during such year to exceed the annual 2 commemorative 
coin program issuance limitation under section 5112(m)(1) of title 31, 
United States Code (as in effect on the date of the enactment of this 
Act). The Secretary of the Treasury may issue guidance to carry out 
this subsection.

SEC. 8. FINANCIAL ASSURANCES.

    The Secretary shall take such actions as may be necessary to ensure 
that--
            (1) minting and issuing coins under this Act will not 
        result in any net cost to the United States Government; and
            (2) no funds, including applicable surcharges, are 
        disbursed to any recipient designated in section 7 until the 
        total cost of designing and issuing all of the coins authorized 
        by this Act (including labor, materials, dies, use of 
        machinery, overhead expenses, marketing, and shipping) is 
        recovered by the United States Treasury, consistent with 
        sections 5112(m) and 5134(f) of title 31, United States Code.

Summary: 50th Anniversary of the Texas Western College Men's Basketball Championship Commemorative Coin Act Directs the Secretary of the Treasury to mint and issue not more than 50,000 $5 coins, 400,000 $1 coins, and 750,000 half-dollar coins emblematic of the game of basketball. Requires all sales of such coins to include specified surcharges, which shall be paid by the Secretary to the National Collegiate Basketball Hall of Fame to help finance renovations of existing National Collegiate Basketball Hall of Fame facilities.