Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''One Dollar Coin and Community
Development Act of 1994''.

SEC. 2. ONE DOLLAR COINS.

(a) Color and Content.--Section 5112(b) of title 31, United States
Code, is amended--
(1) in the 1st sentence, by striking ''dollar,''; and
(2) by inserting after the 4th sentence, the following new
sentence: ''The dollar coin shall be golden in color, have an
unreeded edge, have tactile and visual features that make the
denomination of the coin readily discernible, be minted and
fabricated in the United States, and have such metallic,
anticounterfeiting properties as United States clad coinage in
circulation on the date of the enactment of the One Dollar Coin
and Community Development Act of 1994.''.
(b) Design of Dollar Coin.--Section 5112(d)(1) of title 31, United
States Code, is amended by striking the 5th and 6th sentences and
inserting the following new sentence: ''The Secretary of the Treasury
shall select an appropriate design for the obverse side of the
dollar.''.
(c) Effective Date.--Not later than 18 months after the date of
enactment of this Act, the Secretary of the Treasury shall place into
circulation 1 dollar coins authorized under subsection (a)(1) of
section 5112 of title 31, United States Code, which comply with the
design requirements of subsections (b) and (d)(1) of such section, as
amended by subsections (a) and (b) of this section. The Secretary may
include such coins in any numismatic set produced by the United States
Mint before the date the coins are placed in circulation.

SEC. 3. CEASING ISSUANCE OF ONE DOLLAR NOTES.

(a) In General.--After the date that coins described in section
2(c) are first placed in circulation, no Federal reserve bank may order
or place into circulation any $1 Federal reserve note.
(b) Redemption of $1 Notes.--
(1) In general.--Section 5119(b)(1) of title 31, United
States Code, is amended by adding at the end the following new
subparagraph:
''(F) Federal reserve notes in the denomination of
$1.''.
(2) Effective date.--
(A) In general.--The amendment made by paragraph
(1) shall take effect on the date on which coins minted
pursuant to the amendments made by section 2 are first
placed in circulation.
(B) Notice of effective date.--The Secretary of the
Treasury shall publish a notice in the Federal Register
of the date on which the amendment made by paragraph
(1) takes effect in accordance with subparagraph (A) of
this paragraph.
(c) Exception.--The Secretary of the Treasury shall produce only
such Federal reserve notes of 1 dollar denomination as are required
from time to time to meet the needs of collectors of this series. Such
notes shall be produced in sheets and sold by the Secretary, in whole,
or in part, at a price that exceeds the face value of the currency by
an amount that, at a minimum, reimburses the Secretary for the cost of
production.

SEC. 4. RESERVE FUND FOR CIRCULATING COINAGE.

(a) Establishment.--Section 5111(b) of title 31, United States
Code, is amended to read as follows:
''(b) Coinage Funds.--
''(1) Coinage metal fund.--The Secretary of the Treasury--
''(A) shall maintain a coinage metal fund in the
Department of the Treasury; and
''(B) may use the fund to buy metal to mint coins.
''(2) Circulating coinage reserve fund.--
''(A) Establishment.--The Secretary of the Treasury
shall maintain a circulating coinage reserve fund in
the Department of the Treasury.
''(B) Credits and debits.--The Secretary shall--
''(i) credit the coinage reserve fund with
the amount by which the nominal value of the
coins minted and placed into circulation under
this subchapter (other than numismatic items)
exceeds the cost of the metal; and
''(ii) charge the account with--
''(I) the waste incurred in minting
the coins referred to in clause (i);
and
''(II) the cost of distributing the
coins, including the cost of coin bags
and pallets.
''(C) Availability of funds for community
development.--
''(i) In general.--Effective for any fiscal
year only to the extent and in such amounts as
are provided in advance in appropriation Acts,
the Secretary may lend excess amounts in the
circulating coinage reserve fund to the
Community Development Institutions Fund for the
provision of financial assistance by such Fund
through deposits, credit union shares, and
loans in accordance with section 108 of the
Community Development Banking and Financial
Institutions Act of 1994.
''(ii) Terms and conditions.--Any loan by
the Secretary to the Community Development
Institutions Fund in accordance with clause (i)
shall bear such rate of interest and be subject
to such other terms and conditions as the
Secretary determines to be appropriate.
''(D) Investment of balance in account.--Subject to
subparagraph (C), the Secretary of the Treasury shall
invest excess amounts in the circulating coinage
reserve fund in--
''(i) instruments issued by the Secretary
under chapter 31; and
''(ii) other instruments to the extent, and
in such amounts, as may be authorized by law.
''(E) Payment to general fund.--Interest,
dividends, and other earnings on investments of the
circulating coinage reserve fund, including interest on
loans to the Community Development Financial
Institutions Fund, shall be paid into the general fund
of the Treasury to assist in reducing the deficit.''.
(b) Termination of Coinage Profit Fund.--The coinage profit fund is
hereby abolished and any balance in the account as of such termination
shall be transferred by the Secretary to the circulating coinage
reserve fund established pursuant to the amendment made by subsection
(a) as soon as practicable after the date of the enactment of this Act.
Output:
One Dollar Coin and Community Development Act of 1994 - Amends Federal monetary law to prescribe specifications for and design of dollar coins, including a golden color.
Proscribes any issuance of one dollar notes after the date that dollar coins are first placed in circulation. Prescribes guidelines for the redemption of one dollar notes.
Directs the Secretary of the Treasury to establish: (1) a coinage metal fund; and (2) a circulating coinage reserve fund.
Authorizes the Secretary to lend excess amounts in the circulating coinage reserve fund to the Community Development Institutions Fund to enable it to provide financial assistance. Mandates that earnings on investments of the circulating coinage reserve fund be paid into the general fund of the Treasury.
Abolishes the coinage profit fund. Transfers the balance of its account to the circulating coinage reserve fund.