World University Games Commemorative Coin Act - Requires the Secretary of the Treasury to issue a specified number of five-dollar gold coins and one-dollar silver coins in commemoration of American participation in the World University Games.
Provides that such coins shall be considered legal tender. Prohibits the issuing of such coins after June 30, 1994.
Directs the Secretary to obtain silver for the minting of such coins from stockpiles established under the Strategic and Critical Materials Stock Piling Act and to obtain gold pursuant to authority under existing law.
Provides that the design of such coins shall be selected by the Secretary after consultation with the Greater Buffalo Athletic Corporation and the Commission of Fine Arts.
Specifies the sales price of such coins as the face value plus costs. Requires that all sales of such coins include a surcharge of $35 per coin for five-dollar coins and $7 per coin for one-dollar coins.
Requires that all surcharges received by the Secretary from the sale of such coins be paid to the Corporation to: (1) support local or community amateur athletic programs; (2) erect facilities for use by such athletes; and (3) underwrite the cost of sponsoring World University Games. Authorizes the Comptroller General to audit related Corporation expenditures.
Requires all amounts received from the sale of such coins to be deposited into, and paid from, the coinage profit fund.
Requires the Secretary to ensure that the minting and issuance of such coins shall not result in any net costs to the Government.
Introduced in Senate
Read twice and referred to the Committee on Banking.
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