Home > 108th Congressional Bills > S. 894 (rs) To require the Secretary of the Treasury to mint coins in commemoration of the 230th Anniversary of the United States Marine Corps, and to support construction of the Marine Corps Heritage Center. [Reported in Senate] ...S. 894 (rs) To require the Secretary of the Treasury to mint coins in commemoration of the 230th Anniversary of the United States Marine Corps, and to support construction of the Marine Corps Heritage Center. [Reported in Senate] ...
108th CONGRESS
1st Session
S. 894
To require the Secretary of the Treasury to mint coins in commemoration
of the 230th Anniversary of the United States Marine Corps, and to
support construction of the Marine Corps Heritage Center.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 11, 2003
Mr. Warner (for himself, Mr. Allen, Mr. Burns, Mr. Corzine, Mr. Enzi,
Mr. Miller, Mr. Roberts, and Mr. Thomas) introduced the following bill;
which was read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
A BILL
To require the Secretary of the Treasury to mint coins in commemoration
of the 230th Anniversary of the United States Marine Corps, and to
support construction of the Marine Corps Heritage Center.
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 ``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.
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