To provide for the issuance of a coin to commemorate the 400th anniversary of the Jamestown settlement.

May 1, 2003

Mr. WARNER (for himself and Mr. ALLEN) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

To provide for the issuance of a coin to commemorate the 400th anniversary of the Jamestown settlement.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Jamestown 400th Anniversary Commemorative Coin Act of 2003'.

SEC. 2. FINDINGS.

Congress finds that--

(1) the founding of the colony at Jamestown, Virginia in 1607, the first permanent English colony in America, and the capital of Virginia for 92 years, has major significance in the history of the United States;

(2) the Jamestown settlement brought people from throughout the Atlantic Basin together to form a multicultural society, including English, other Europeans, Native Americans, and Africans;

(3) the economic, political, religious, and social institutions that developed during the first 9 decades of the existence of Jamestown continue to have profound effects on the United States, particularly in English common law and language, cross cultural relationships, manufacturing, and economic structure and status;

(4) the National Park Service, the Association for the Preservation of Virginia Antiquities, and the Jamestown-Yorktown Foundation of the Commonwealth of Virginia collectively own and operate significant resources related to the early history of Jamestown;

(5) in 2000, Congress established the Jamestown 400th Commemoration Commission to ensure a suitable national observance of the Jamestown 2007 anniversary and to support and facilitate marketing efforts for a commemorative coin, stamp, and related activities for the Jamestown 2007 observances;

(6) a commemorative coin will bring national and international attention to the lasting legacy of Jamestown, Virginia; and

(7) the proceeds from a surcharge on the sale of such commemorative coin will assist the financing of a suitable national observance in 2007 of the 400th anniversary of the founding of Jamestown, Virginia.

SEC. 3. COIN SPECIFICATIONS.

(a) $5 GOLD COINS- The Secretary of the Treasury (in this Act referred to as the `Secretary') shall issue not more than 100,000 $5 coins, which shall--

(1) weigh 8.359 grams;

(2) have a diameter of 0.850 inches; and

(3) contain 90 percent gold and 10 percent alloy.

(b) $1 SILVER COINS- The Secretary shall issue not more than 500,000 $1 coins, 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.

(c) LEGAL TENDER- The coins minted under this Act shall be legal tender, as provided in section 5103 of title 31, United States Code.

(d) NUMISMATIC ITEMS- For purposes of section 5132(a)(1) of title 31, United States Code, all coins minted under this Act shall be considered to be numismatic items.

(e) SOURCES OF BULLION-

(1) GOLD- The Secretary shall obtain gold for minting coins under this Act pursuant to the authority of the Secretary under section 5116 of title 31, United States Code.

(2) SILVER- The Secretary shall obtain silver for the coins minted under this Act only from stockpiles established under the Strategic and Critical Minerals Stock Piling Act (50 U.S.C. 98 et seq.).

SEC. 4. DESIGN OF COINS.

(a) DESIGN REQUIREMENTS-

(1) IN GENERAL- The design of the coins minted under this Act shall be emblematic of the settlement of Jamestown, Virginia, the first permanent English settlement in America.

(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 `2007'; and

(C) inscriptions of the words `Liberty', `In God We Trust', `United States of America', and `E Pluribus Unum'.

(b) DESIGN SELECTION- Subject to subsection (a), the design for the coins minted under this Act shall be--

(1) selected by the Secretary after consultation with--

(A) the Jamestown 2007 Steering Committee, created by the Jamestown-Yorktown Foundation of the Commonwealth of Virginia;

(B) the National Park Service; and

(C) the Commission of Fine Arts; and

(2) reviewed by the Citizens Commemorative Coin Advisory Committee.

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 period beginning on January 1, 2007, and ending on December 31, 2007.

SEC. 6. SALE OF COINS.

(a) SALE PRICE- The coins minted 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 (c) 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) 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.

(c) BULK SALES- The Secretary shall make bulk sales of the coins minted under this Act at a reasonable discount.

(d) SURCHARGE- All sales of coins minted under this Act shall include a surcharge of--

(1) $35 per coin for the $5 coin; and

(2) $10 per coin for the $1 coin.

SEC. 7. GENERAL WAIVER OF PROCUREMENT REGULATIONS.

(a) IN GENERAL- Except as provided in subsection (b), no provision of law governing procurement or public contracts shall be applicable to the procurement of goods and services necessary for carrying out the provisions of this Act.

(b) EQUAL EMPLOYMENT OPPORTUNITY- Subsection (a) shall not relieve any person entering into a contract under the authority of this Act from complying with any law relating to equal employment opportunity.

SEC. 8. DISTRIBUTION OF SURCHARGES.

(a) RECIPIENTS-

(1) IN GENERAL- All surcharges received by the Secretary from the sale of coins minted under this Act shall be promptly paid by the Secretary to the recipients listed under paragraphs (2) and (3).

(2) JAMESTOWN-YORKTOWN FOUNDATION- The Secretary shall distribute 50 percent of the surcharges described under paragraph (1) to the Jamestown-Yorktown Foundation of the Commonwealth of Virginia, to support programs to promote the understanding of the legacies of Jamestown.

(3) OTHER RECIPIENTS-

(A) IN GENERAL- The Secretary shall distribute 50 percent of the surcharges described under paragraph (1) to the entities specified under subparagraph (B), in equal shares, for the purposes of--

(i) sustaining the ongoing mission of preserving Jamestown;

(ii) enhancing the national and international educational programs;

(iii) improving infrastructure and archaeological research activities; and

(iv) conducting other programs to support the commemoration of the 400th anniversary of Jamestown.

(B) ENTITIES SPECIFIED- Entities specified under this subparagraph are--

(i) the Secretary of the Department of the Interior;

(ii) the President of the Association for the Preservation of Virginia Antiquities; and

(iii) the Chairman of the Jamestown Yorktown Foundation.

(b) AUDITS- The Comptroller General of the United States shall have the right to examine such books, records, documents, and other data of the entities specified in subsection (a), as may be related to the expenditure of amounts distributed 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.

END