[Congressional Record Volume 146, Number 33 (Wednesday, March 22, 2000)]
[Senate]
[Pages S1596-S1597]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. BENNETT (for himself, Mr. Hatch, Mr. Abraham, Mr. Akaka, 
        Mr. Allard, Mr. Ashcroft, Mr. Biden, Mr. Bond, Mrs. Boxer, Mr. 
        Brownback, Mr. Breaux, Mr. Bryan, Mr. Bunning, Mr. Byrd, Mr. 
        Burns, Mr. Campbell, Mr. L. Chafee, Mr. Cochran, Ms. Collins, 
        Mr. Conrad, Mr. Coverdell, Mr. Craig, Mr. Crapo, Mr. DeWine, 
        Mr. Dodd, Mr. Domenici, Mr. Dorgan, Mr. Enzi, Mr. Feingold, 
        Mrs. Feinstein, Mr. Fitzgerald, Mr. Gorton, Mr. Graham, Mr. 
        Grassley, Mr. Hagel, Mr. Helms, Mrs. Hutchison, Mr. Inhofe, Mr. 
        Jeffords, Mr. Johnson, Mr. Kerrey, Mr. Kohl, Mr. Leahy, Mr. 
        Levin, Mr. Lott, Mr. Lugar, Mr. Mack, Mr. McConnell, Ms. 
        Mikulski, Mr. Murkowski, Mrs. Murray, Mr. Nickles, Mr. Reid, 
        Mr. Robb, Mr. Roberts, Mr. Rockefeller, Mr. Roth, Mr. Schumer, 
        Mr. Smith of New Hampshire, Mr. Smith of Oregon, Ms. Snowe, Mr. 
        Specter, Mr. Stevens, Mr. Thomas, Mr. Thompson, Mr. Thurmond, 
        Mr. Torricelli, Mr. Voinovich, Mr. Warner, Mr. Wellstone, and 
        Mr. Wyden):
  S. 2266. A bill to provide for the minting of commemorative coins to 
support the 2002 Salt Lake Olympic Winter Games and the programs of the 
United States Olympic Committee; to the Committee on Banking, Housing, 
and Urban Affairs.


     the 2002 salt lake olympic winter games commemorative coin act

  Mr. BENNETT. Mr. President, I rise to introduce legislation that 
would direct the Secretary of the Treasury to mint coins commemorating 
the 2002 Salt Lake Olympic Winter Games.
  The first modern Winter Olympic Games were held in Chamonix, France 
in 1924. Since then, the Winter Olympics has been held every four years 
to recognize outstanding accomplishments of athletes throughout the 
world. Salt Lake City, Utah is proud to be hosting the 2002 Winter 
Olympic Games, the first Olympic Winter Games of the new Millennium.
  While it is a great honor for us to host the 2002 Winter Olympic 
Games, our state will have a tremendous financial burden placed upon 
us. The proceeds from these commemorative coins are greatly needed to 
help us support these events and train future Olympic athletes. I would 
like to stress that minting these commemorative coins will have no net 
cost to the Federal Government, and that the proceeds will be 
distributed equally to the Salt Lake Organizing Committee for the 
Olympic Winter Games of 2002 and the United States Olympic Committee.
  Mr. President, this is the smallest Olympic coin program ever, 
containing

[[Page S1597]]

only two coins. Additionally, the program has been developed in 
consultation with the Mint and the numismatic community to address 
concerns over previous commemorative coin programs.
  I urge my colleagues to support this legislation.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the bill was ordered to be printed in the 
Record, as follows:

                                S. 2266

       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 ``2002 Winter Olympic 
     Commemorative Coin Act''.

     SEC. 2. COIN SPECIFICATIONS.

       (a) Denominations.--The Secretary of the Treasury 
     (hereafter in this Act referred to as the ``Secretary'') 
     shall mint and issue the following coins:
       (1) Five dollar gold coins.--Not more than 80,000 $5 coins, 
     which shall weigh 8.359 grams, have a diameter of 0.850 
     inches, and contain 90 percent gold and 10 percent alloy.
       (2) One dollar silver coins.--Not more than 400,000 $1 
     coins, which shall weigh 26.73 grams, have a diameter of 
     1.500 inches, and contain 90 percent silver and 10 percent 
     copper.
       (b) Design.--The design of the coins minted under this Act 
     shall be emblematic of the participation of American athletes 
     in the 2002 Olympic Winter Games. On each coin there shall be 
     a designation of the value of the coin, an inscription of the 
     year ``2002'', and inscriptions of the words ``Liberty'', 
     ``In God We Trust'', ``United States of America'', and ``E 
     Pluribus Unum''.
       (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 5134 of 
     title 31, United States Code, all coins minted under this Act 
     shall be considered to be numismatic items.

     SEC. 3. SOURCES OF BULLION.

       (a) Gold.--The Secretary shall obtain gold for minting 
     coins under this Act pursuant to the authority of the 
     Secretary under other provisions of law.
       (b) Silver.--The Secretary shall obtain silver for minting 
     coins under this Act from any available source, including 
     from stockpiles established under the Strategic and Critical 
     Materials Stock Piling Act.

     SEC. 4. SELECTION OF DESIGN.

       The design for the coins minted under this Act shall be--
       (1) selected by the Secretary after consultation with--
       (A) the Commission of Fine Arts;
       (B) the United States Olympic Committee; and
       (C) Olympic Properties of the United States--Salt Lake 
     2002, L.L.C., a Delaware limited liability company created 
     and owned by the Salt Lake Organizing Committee for the 
     Olympic Winter Games of 2002 (hereafter in this Act referred 
     to as the ``Olympic Properties of the United States''); 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) Commencement of Issuance.--The Secretary may issue 
     coins minted under this Act beginning January 1, 2002, except 
     that the Secretary may initiate sales of such coins, without 
     issuance, before such date.
       (c) Termination of Minting Authority.--No coins shall be 
     minted under this Act after December 31, 2002.

     SEC. 6. SALE OF COINS.

       (a) Sale Price.--Notwithstanding any other provision of 
     law, the coins issued under this Act shall be sold by the 
     Secretary at a price equal to the face value, plus the cost 
     of designing and issuing such coins (including labor, 
     materials, dies, use of machinery, overhead expenses, and 
     marketing).
       (b) Bulk Sales.--The Secretary shall make bulk sales of the 
     coins issued under this Act at a reasonable discount.
       (c) Prepaid Orders at a Discount.--The Secretary shall 
     accept prepaid orders for the coins minted under this Act 
     before the issuance of such coins. Sales under this 
     subsection shall be at a reasonable discount.
       (d) Marketing.--The Secretary, in cooperation with the 
     Olympic Properties of the United States, shall develop and 
     implement a marketing program to promote and sell the coins 
     issued under this Act both within the United States and 
     internationally.

     SEC. 7. SURCHARGE.

       (a) Surcharge Required.--All sales of coins issued under 
     this Act shall include a surcharge of $35 per coin for the $5 
     coins and $10 per coin for the $1 coins.
       (b) 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 as follows:
       (1) Salt lake organizing committee for the olympic winter 
     games of 2002.--One half to the Salt Lake Organizing 
     Committee for the Olympic Winter Games of 2002 for use in 
     staging and promoting the 2002 Salt Lake Olympic Winter 
     Games.
       (2) United states olympic committee.--One half to the 
     United States Olympic Committee for use by the Committee for 
     the objects and purposes of the Committee, as established in 
     the Amateur Sports Act of 1978.
       (c) Audits.--Each organization that receives any payment 
     from the Secretary under this section shall be subject to the 
     audit requirements of section 5134(f)(2) of title 31, United 
     States Code.
                                 ______