Summary: S.976 — 108th Congress (2003-2004)All Information (Except Text)

Bill summaries are authored by CRS.

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Reported to Senate without amendment (07/14/2004)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Jamestown 400th Anniversary Commemorative Coin Act of 2003 - Directs the Secretary of the Treasury (the Secretary) to mint and issue not more than 100,000 $5 gold coins and 500,000 $1 silver coins, which shall be emblematic of the settlement of Jamestown, Virginia (the first permanent English settlement in America).

Prohibits: (1) any provision of law governing procurement or public contracts from being applicable to the procurement of goods and services necessary for carrying out the provisions of this Act; and (2) such general waiver of procurement regulations from relieving any person entering into a contract under the authority of this Act from complying with any law relating to equal employment opportunity.

Provides for a $35 per coin surcharge for the $5 dollar coins and $10 per coin for the $1 dollar coins. Directs the Secretary to distribute: (1) 50 percent of the surcharges to the Jamestown-Yorktown Foundation of Virginia to support programs to promote the understanding of the legacies of Jamestown; and (2) 50 percent to sustain the ongoing mission of preserving Jamestown, to enhance national and international educational programs, to improve infrastructure and archeological research activities, and to conduct other programs to support the commemoration of the 400th anniversary of the settlement of Jamestown. States that entities specified for such purposes are the Secretary of the Department of the Interior, the President of the Association for the Preservation of Virginia Antiquities, and the Chairman of the Jamestown-Yorktown Foundation.

Requires the Secretary to 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 U.S. Government.

Prohibits the issuance of a coin 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.