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SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ''National Parks
Capital Improvements Act of 1999''.
(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. National park surcharge or set-aside.
Sec. 6. Use of bond proceeds.
Sec. 7. Administration.

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) National park foundation.--The term ''National Park
Foundation'' means the foundation established under the Act
entitled ''An Act to establish the National Park Foundation'',
approved December 18, 1967 (16 U.S.C. 19e et seq.).
(4) National park.--The term ''national park'' means--
(A) the Grand Canyon National Park; and
(B) any other national park designated by the
Secretary that has an approved general management plan
with capital needs in excess of $5,000,000.
(5) 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 a national park.
(b) Bonds.--The fundraising organization for a national park shall
issue taxable bonds in return for the surcharge or set-aside for that
national 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.--
(1) In general.--The United States shall not be liable for
the security of any bonds issued by the fundraising
organization.
(2) Exception.--If the surcharge or set-aside described in
section 5(a) for a national park is not imposed for any reason,
or if the surcharge or set-aside is reduced or eliminated, the
full faith and credit of the United States is pledged to the
payment of--
(A) the bonds issued by a fundraising organization
under subsection (b) for that national park; and
(B) the interest accruing on the bonds.

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 national 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. NATIONAL PARK SURCHARGE OR SET-ASIDE.

(a) In General.--Notwithstanding any other provision of law, the
Secretary may authorize the superintendent of a national park for which
a memorandum of agreement is in effect--
(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 national park; or
(2) to set aside not more than $2 for each individual
charged the entrance fee.
(b) Surcharge in Addition to Entrance Fees.--A 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
(Public Law 105-391; 112 Stat. 3518; 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.
(e) Excess Funds.--Any funds collected in excess of the amount
necessary to fund the uses in subsection (d) shall be remitted to the
National Park Foundation to be used for the benefit of all units of the
National Park System.

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 national park for which the bond was issued.
(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 national park in which
the project is to be completed; and
(C) the general management plan for the national
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.--
(1) Authorized uses.--Any interest earned on bond proceeds
may be used by the fundraising organization to--
(A) meet reserve requirements; and
(B) defray reasonable administrative expenses
incurred in connection with the management and sale of
the bonds.
(2) Excess interest.--All interest on bond proceeds not
used for purposes of paragraph (1) shall be remitted to the
National Park Foundation for the benefit of all units of the
National Park System.

SEC. 7. ADMINISTRATION.

The Secretary, in consultation with the Secretary of Treasury,
shall promulgate regulations to carry out this Act.
Exempts the United States from liability for such bonds unless the surcharge is not imposed for any reason or if it is reduced or eliminated in which case the full faith and credit of the United States is pledged to bond payment.
Authorizes the Secretary to: (1) permit the Superintendent of the park to charge and collect, in addition to the entrance fee, a surcharge of not to exceed $2; or (2) set aside not more than $2 for each entrance fee. Requires: (1) the surcharge or set-aside to be used by the organization to amortize the bond issue, to provide for the reasonable costs of administration, and to maintain a sufficient reserve consistent with industry standards; and (2) any excess funds to be remitted to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units.
Allows bond proceeds to be used for a park facility project that is consistent with: (1) the laws governing the NPS and the park; and (2) the general management plan for the park.
Requires interest earned on bond proceeds to be: (1) used by the organization to meet reserve requirements and defray reasonable administrative expenses; and (2) remitted to the NPF for the benefit of all NPS units, to the extent funds are available in excess of the amount required for projects.