text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``National Parks Capital Improvements 
  Act of 1996''.
  
  SEC. 2. DEFINITIONS.
  
      In this Act:
              (1) Fundraising organization.--The term ``fundraising 
          organization'' means an entity authorized to act as a 
          fundraising organization under section 3(a).
              (2) National park foundation.--The term ``National Park 
          Foundation'' means the foundation established under the Act 
          entitled ``An Act to establish the National Park Foundation'', 
          approved December 18, 1967 (16 U.S.C. 19e et seq.).
              (3) Park.--The term ``park'' means--
                      (A) the Grand Canyon National Park; and
                      (B) any other national park designated by the 
                  Secretary that has an approved general management plan 
                  with capital needs in excess of $5,000,000.
              (4) Secretary.--The term ``Secretary'' means the Secretary 
          of the Interior.
  
  SEC. 3. FUNDRAISING ORGANIZATION.
  
      (a) In General.--The Secretary may enter into a memorandum of 
  agreement under section 4 with an entity to act as an authorized 
  fundraising organization for the benefit of the park.
      (b) Bonds.--The fundraising organization shall issue taxable bonds 
  in return for the park surcharge collected under section 5.
      (c) Professional Standards.--The fundraising organization shall 
  abide by all relevant professional standards regarding the issuance of 
  securities and shall comply with all Federal and State law.
      (d) Audit.--The fundraising organization shall be subject to an 
  audit by the Secretary.
      (e) No Liability For Bonds.--The United States shall not be liable 
  for the security of any bonds issued by the fundraising organization, 
  except that if the surcharge specified in section 5(a) is not imposed 
  for any reason or if such surcharge is reduced or eliminated, the full 
  faith and credit of the United States is pledged to the payment of such 
  bonds and the interest accruing on such bonds.
  
  SEC. 4. MEMORANDUM OF AGREEMENT.
  
      The fundraising organization shall enter into a memorandum of 
  agreement that specifies--
              (1) the amount of the bond issue;
              (2) the maturity of the bonds, not to exceed 20 years;
              (3) the per capita amount required to amortize the bond 
          issue, provide for the reasonable costs of administration, and 
          maintain a sufficient reserve consistent with industry 
          standards;
              (4) any project that will be funded with the bond proceeds 
          and the specific responsibilities of the Secretary and the 
          fundraising organization with respect to the project; and
              (5) procedures for modifications of the agreement with the 
          consent of both parties, including modifications relating to 
          project priorities, based on changes in circumstances.
  
  SEC. 5. PARK SURCHARGE.
  
      (a) In General.--Notwithstanding any other provision of law, the 
  Secretary of the Interior may authorize the Superintendent of the park 
  to charge and collect, in addition to the entrance fee collected 
  pursuant to section 4 of the Land and Water Conservation Fund Act of 
  1965 (16 U.S.C. 460l-6a), a surcharge in an amount not to exceed $2 for 
  each individual charged the entrance fee.
      (b) Use.--The surcharge shall be used by the fundraising 
  organization to amortize the bond issue, provide for the reasonable 
  costs of administration, and maintain a sufficient reserve consistent 
  with industry standards.
      (c) Excess Funds.--Any funds collected in excess of the amount 
  necessary to amortize the bond issue, pay reasonable administrative 
  expenses, and maintain a sufficient reserve, as determined by the bond 
  underwriter, shall be remitted to the National Park Foundation to be 
  used for the benefit of all units of the National Park System.
  
  SEC. 6. USE OF BOND PROCEEDS.
  
      (a) Eligible Projects.--
              (1) In general.--Subject to paragraph (2), bond proceeds 
          under this Act may be used for a project for the design, 
          construction, operation, maintenance, repair, or replacement of 
          a facility in the park. No part of such proceeds (other than 
          interest as provided in subsection (b)) may be used to defray 
          administrative expenses.
              (2) Limitation.--A project referred to in paragraph (2) 
          shall be consistent with--
                      (A) the laws governing the National Park System;
                      (B) any law governing the park; and
                      (C) the general management plan for the park.
      (b) Interest on Bond Proceeds.--(1) Any interest earned on bond 
  proceeds may be used by the fundraising organization to--
              (A) meet reserve requirements; and
              (B) defray administrative expenses incurred in connection 
          with the management and sale of the bonds.
      (2) All interest on bond proceeds not used for purposes of 
  paragraph (1) shall be remitted to the National Park Foundation for the 
  benefit of all units of the National Park System.
  
  SEC. 7. ADMINISTRATION.
  
      The Secretary, in consultation with the Secretary of Treasury, 
  shall issue regulations to carry out this Act.
target: National Parks Capital Improvements Act of 1996 - Authorizes the Secretary of the Interior to enter into a memorandum of agreement with an entity to act as an authorized fundraising organization for the benefit of the Grand Canyon National Park and any other national park designated by the Secretary that has an approved general management plan with capital needs in excess of $5 million. 
  Requires the organization to issue taxable bonds in return for a park surcharge.  Exempts the United States from liability for the security of such bonds, unless the surcharge authorized under this Act is not imposed  or is reduced or eliminated. 
  Authorizes the Secretary to permit the Superintendent of the park to charge and collect, in addition to the park entrance fee, a surcharge of not to exceed two dollars per individual.  Requires the fundraising organization to:  (1) use the surcharge to amortize the bond issue, provide for the reasonable costs of administration, and maintain a sufficient reserve consistent with industry standards; and (2) remit any excess funds to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units. 
  Allows bond proceeds to be used for a park facility project that is consistent with:  (1) the laws governing the NPS and the park; and (2) the general management plan for the park.  Prohibits bond proceeds (other than interest) from being used to defray administrative expenses. 
  Requires interest earned on bond proceeds to be used by the organization to meet reserve requirements and defray administrative expenses incurred in connection with the management and sale of the bonds, with any excess to be remitted to the NPF for the benefit of all NPS units.
feat_title: National Parks Capital Improvements Act of 1996