SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Marine Corps 230th Anniversary 
Commemorative Coin Act''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) November 10, 2005, marks the 230th anniversary of the 
        United States Marine Corps;
            (2) the United States Marine Corps has, over the course of 
        its illustrious 230-year history, fought gallantly in defense 
        of the United States;
            (3) the United States Marine Corps has, over the course of 
        its storied history, established itself as the Nation's 
        military leader in amphibious warfare, and will continue in 
        that role as the United States faces the challenges of the 21st 
        Century;
            (4) the United States Marine Corps continues to exemplify 
        the warrior ethos that has made it a fighting force of 
        international repute;
            (5) all Americans should commemorate the legacy of the 
        United States Marine Corps so that the values embodied in the 
        ``Corps'' are recognized for the significant contribution they 
        have made in protecting the United States against its enemies;
            (6) in 2001, Congress authorized the construction of the 
        Marine Corps Heritage Center, the purpose of which is to 
        provide a multipurpose facility to be used for historical 
        displays for the public viewing, curation, and storage of 
        artifacts, research facilities, classrooms, offices, and 
        associated activities, consistent with the mission of the 
        Marine Corps;
            (7) the Marine Corps Heritage Center is scheduled to open 
        on November 10, 2005;
            (8) the United States should pay tribute to the 230th 
        anniversary of the United States Marine Corps by minting and 
        issuing a commemorative silver dollar coin; and
            (9) the surcharge proceeds from the sale of a commemorative 
        coin, which would have no net costs to the taxpayers, would 
        raise valuable funding for the construction of the Marine Corps 
        Heritage Center.

SEC. 3. COIN SPECIFICATIONS.

    (a) $1 Silver Coins.--The Secretary of the Treasury (in this Act 
referred to as the ``Secretary'') shall mint and issue not more than 
500,000 $1 coins, each of 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.

SEC. 4. SOURCES OF BULLION.

    The Secretary shall obtain silver for minting coins under this Act 
from all available sources, including stockpiles established under the 
Strategic and Critical Materials Stock Piling Act.

SEC. 5. DESIGN OF COINS.

    (a) Design Requirements.--
            (1) In general.--The design of the coins minted under this 
        Act shall be emblematic of the warrior ethos of the United 
        States Marine Corps.
            (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 ``2005''; and
                    (C) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', 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 
        Marine Corps Historical Division and the Commission of Fine 
        Arts; and
            (2) reviewed by the Citizens Commemorative Coin Advisory 
        Committee.

SEC. 6. 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, 
2005.

SEC. 7. 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 (b) 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) Surcharges.--All sales of coins issued under this Act shall 
include a surcharge of $10 per coin.
    (c) Bulk Sales.--The Secretary shall make bulk sales of coins 
issued under this Act at a reasonable discount.
    (d) Prepaid Orders.--
            (1) In general.--The Secretary shall accept prepaid orders 
        for coins minted under this Act before the issuance of such 
        coins.
            (2) Discount.--Sale prices with respect to prepaid orders 
        under paragraph (1) should be at a reasonable discount.

SEC. 8. DISTRIBUTION OF SURCHARGES.

    (a) Distribution.--Subject to section 5134(f) 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 Marine Corps Heritage Foundation for the purposes of construction 
of the Marine Corps Heritage Center, as authorized by section 1 of 
Public Law 106-398 (114 Stat. 1654).
    (b) Audit.--The Marine Corps Heritage Foundation 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 (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.
Output: Marine Corps 230th Anniversary Commemorative Coin Act - Directs the Secretary of the Treasury to mint and issue not more than 500,000 one dollar coins which shall be emblematic of the warrior ethos of the United States Marine Corps. Requires: (1) all coin sales to include a surcharge of $10 per coin; and (2) all surcharges to be paid to the Marine Corps Heritage Foundation for construction of the Marine Corps Heritage Center.

Directs 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 a coin from being issued unless the Secretary has received: (1) full payment for the coin; (2) security to indemnify the United States for full payment; or (3) a guarantee of full payment from a depository institution, the deposits of which are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration.