SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Grand Canyon 
Capital Improvements Act of 2001''.
    (b) Table of Contents.--The table of contents of this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Fundraising organization.
Sec. 4. Memorandum of agreement.
Sec. 5. Park surcharge or set-aside.
Sec. 6. Use of bond proceeds.
Sec. 7. Report.
Sec. 8. Regulations.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Fundraising organization.--The term ``fundraising 
        organization'' means an entity authorized to act as a 
        fundraising organization under section 3(a).
            (2) Memorandum of agreement.--The term ``memorandum of 
        agreement'' means a memorandum of agreement entered into by the 
        Secretary under section 3(a) that contains the terms specified 
        in section 4.
            (3) Park.--The term ``Park'' means the Grand Canyon 
        National Park.
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of the Interior.

SEC. 3. FUNDRAISING ORGANIZATION.

    (a) In General.--The Secretary may enter into a memorandum of 
agreement under section 4 with an entity to act as an authorized 
fundraising organization for the benefit of the Park.
    (b) Bonds.--The fundraising organization for the Park shall issue 
taxable bonds in return for the surcharge or set-aside for the Park 
collected under section 5.
    (c) Professional Standards.--The fundraising organization shall 
abide by all relevant professional standards regarding the issuance of 
securities and shall comply with all applicable 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.

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) the project or projects at the Park that will be funded 
        with the bond proceeds and the specific responsibilities of the 
        Secretary and the fundraising organization with respect to each 
        project; and
            (5) procedures for modifications of the agreement with the 
        consent of both parties based on changes in circumstances, 
        including modifications relating to project priorities.

SEC. 5. PARK SURCHARGE OR SET-ASIDE.

    (a) In General.--Notwithstanding any other provision of law, the 
Secretary may authorize the Superintendent of the Park--
            (1) to charge and collect a surcharge in an amount not to 
        exceed $2 for each individual otherwise subject to an entrance 
        fee for admission to the Park; or
            (2) to set aside not more than $2 for each individual 
        charged the entrance fee.
    (b) Surcharge in Addition to Entrance Fees.--The Park surcharge 
under subsection (a) shall be in addition to any entrance fee collected 
under--
            (1) section 4 of the Land and Water Conservation Fund Act 
        of 1965 (16 U.S.C. 460l-6a);
            (2) the recreational fee demonstration program authorized 
        by section 315 of the Department of the Interior and Related 
        Agencies Appropriations Act, 1996 (as contained in Public Law 
        104-134; 110 Stat. 1321-156; 1321-200; 16 U.S.C. 460l-6a note); 
        or
            (3) the national park passport program established under 
        title VI of the National Parks Omnibus Management Act of 1998 
        (16 U.S.C. 5991 et seq.).
    (c) Limitation.--The total amount charged or set aside under 
subsection (a) may not exceed $2 for each individual charged an 
entrance fee.
    (d) Use.--A surcharge or set-aside under subsection (a) shall be 
used by the fundraising organization to--
            (1) amortize the bond issue;
            (2) provide for the reasonable costs of administration; and
            (3) maintain a sufficient reserve consistent with industry 
        standards, as determined by the bond underwriter.

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, maintenance, repair, or replacement of 
        a facility in the Park.
            (2) Project limitations.--A project referred to in 
        paragraph (1) 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.
            (3) Prohibition on use for administration.--Other than 
        interest as provided in subsection (b), no part of the bond 
        proceeds may be used to defray administrative expenses.
    (b) Interest on Bond Proceeds.--Any interest earned on bond 
proceeds may be used by the fundraising organization to--
            (1) meet reserve requirements; and
            (2) defray reasonable administrative expenses incurred in 
        connection with the management and sale of the bonds.

SEC. 7. REPORT.

    (a) In General.--Not later than 2 years after the promulgation of 
regulations under section 8, the Secretary shall submit to Congress a 
report on the bond program.
    (b) Requirements.--The report shall include--
            (1) a review of the bond program carried out under this Act 
        at the Park; and
            (2) recommendations to Congress on whether to establish a 
        bond program at all units of the National Park System.

SEC. 8. REGULATIONS.

    The Secretary, in consultation with the Secretary of Treasury, 
shall promulgate regulations to carry out this Act.
Output: Grand Canyon Capital Improvements Act of 2001 - Authorizes the Secretary of the Interior to enter into a memorandum of agreement with an entity to act as an authorized fund raising organization for the benefit of the Grand Canyon National Park. Requires the organization to issue taxable bonds in return for a surcharge or set-aside for the Park.Authorizes the Secretary to set aside up to $2 per person from park entrance fees, or to assess an additional $2 per person, to amortize the bond issue, cover the reasonable costs of administration, and maintain a sufficient reserve. Authorizes use of bond proceeds for Park facilities.