[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 1553 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 1553

To require the Secretary of the Treasury to mint coins in commemoration 
  of the National Future Farmers of America Organization and the 85th 
 anniversary of the founding of the National Future Farmers of America 
                             Organization.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 31, 2009

 Mr. Grassley (for himself, Mr. Johanns, Mr. Brownback, Mr. Lugar, and 
  Mr. Harkin) 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 National Future Farmers of America Organization and the 85th 
 anniversary of the founding of the National Future Farmers of America 
                             Organization.

    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 ``National Future Farmers of America 
Commemorative Coin Act of 2009''.

SEC. 2. FINDINGS.

    Congress finds that--
            (1) the National Future Farmers of America Organization 
        makes a positive difference in the lives of students by 
        developing their potential for leadership, personal growth, and 
        career success through agricultural education;
            (2) the National Future Farmers of America Organization was 
        founded in 1928, as the ``Future Farmers of America'', to 
        provide leadership training for high school students of 
        vocational agriculture;
            (3) the National Future Farmers of America Organization 
        created a national agricultural education model for use in 
        public school systems that has been adopted by youth leadership 
        organizations throughout the world;
            (4) the National Future Farmers of America Organization 
        prepares its student members to think critically, work in 
        teams, and be successful in more than 300 careers relating to 
        the science, business, and technology of agriculture;
            (5) approximately 9,000,000 living former members of the 
        National Future Farmers of America Organization are prominent 
        industry executives, members of Congress, community members, 
        farmers, and productive United States citizens;
            (6) in 2009, the National Future Farmers of America 
        Organization had 507,763 members in more than 7,400 local 
        chapters in all 50 States, Puerto Rico, and the United States 
        Virgin Islands;
            (7) the Future Farmers of America was chartered by Congress 
        in 1950, and continues to be an intracurricular educational 
        organization within public school systems throughout the United 
        States; and
            (8) October 2012 will mark the beginning of a year of 
        celebration in honor of the 85th anniversary of the founding of 
        the National Future Farmers of America Organization, which took 
        place at the first national convention of the National Future 
        Farmers of America Organization.

SEC. 3. COIN SPECIFICATIONS.

    (a) Denominations.--In commemoration of the National Future Farmers 
of America Organization and the 85th anniversary of the National Future 
Farmers of America Organization, the Secretary of the Treasury (in this 
Act referred to as the ``Secretary'') shall mint and issue--
            (1) not more than 100,000 gold coins, which shall--
                    (A) weigh 8.359 grams;
                    (B) have a diameter of 0.850 inches; and
                    (C) contain 90 percent gold and 10 percent alloy; 
                and
            (2) not more than 500,000 silver coins, which shall--
                    (A) weigh 26.7 grams;
                    (B) have a diameter of 1.500 inches; and
                    (C) 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.
    (c) Numismatic Items.--For purposes of sections 5134 and 5136 of 
title 31, United States Code, all coins minted under this Act shall be 
considered to be numismatic items.

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 85-year history of the National 
        Future Farmers of America Organization.
            (2) Designation and inscriptions.--On each coin minted 
        under this Act, there shall be--
                    (A) a designation of the value of the coin;
                    (B) inscriptions of the words ``Liberty'', ``In God 
                We Trust'', ``United States of America'', and ``E 
                Pluribus Unum''; and
                    (C) an inscription of the year 2012.
    (b) Selection.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary, after consultation with the 
        National Future Farmers of America Organization and the 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage 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) Period of Issuance.--The Secretary may issue coins under this 
Act only for the 1-year period beginning on January 1, 2012.

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 section 7 with respect to 
        such coins; and
            (3) the cost of designing and minting the coins (including 
        labor, materials, dies, use of machinery, overhead expenses, 
        marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
minted under this Act at a reasonable discount.
    (c) 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.

SEC. 7. SURCHARGES.

    (a) In General.--All sales of coins minted under this Act shall 
include a surcharge of $25 per gold coin and $10 per silver coin.
    (b) Distribution.--Subject to section 5134(f) of title 31, United 
States Code, the Secretary shall pay all surcharges received by the 
Secretary from the sale of coins minted under this Act to the National 
Future Farmers of America Foundation in Indianapolis, Indiana, for the 
creation of an endowment to enhance and expand programs that encourage 
the development of leadership skills, personal growth, and career 
success through agricultural education and the Future Farmers of 
America.
    (c) Audits.--The Comptroller General of the United States is 
authorized to examine such books, records, documents, and other data of 
the organization described in subsection (b) as may be related to the 
expenditures of amounts paid under subsection (b).
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