Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Naismith Memorial Basketball Hall of 
Fame Commemorative Coin Act''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) on December 21, 1891, a young physical education 
        instructor named James Naismith introduced the game of ``basket 
        ball'' to his physical education class in Springfield, 
        Massachusetts;
            (2) in 1959, the Naismith Memorial Basketball Hall of Fame 
        was founded and dedicated to the creator of basketball, Dr. 
        James Naismith, in Springfield, Massachusetts, ``The Birthplace 
        of Basketball'', and became the first and only museum to honor 
        the game at all levels around the world;
            (3) the Naismith Memorial Basketball Hall of Fame honors 
        players who have achieved greatness, exemplary coaches, 
        referees, and other major contributors to the sport of 
        basketball;
            (4) the Inaugural Hall of Fame Class of 1959 had 17 
        honorees who were inducted, including Dr. James Naismith, 
        George Mikan, Forrest C. Allen, Angelo Luisetti, the Original 
        Celtics, and the First Team;
            (5) the Naismith Memorial Basketball Hall of Fame is 
        recognized throughout the world as the premier institution 
        entrusted with recording and disseminating the history of the 
        game of basketball and recognizing and honoring the 
        achievements of its greatest players, coaches, and 
        contributors;
            (6) the Naismith Memorial Basketball Hall of Fame provides 
        an entertaining and enriching experience and is known for its 
        educational outreach programs that celebrate and promote 
        positive core values demonstrated by the hallowed heroes of 
        basketball and its founder;
            (7) basketball is one of the national treasures of the 
        United States, with its fast pace that reflects the freedom of 
        expression and the modern experience of life in the 21st 
        century;
            (8) since its opening in 1959, the Naismith Memorial 
        Basketball Hall of Fame is home to the largest collection of 
        basketball memorabilia in the world, including more than 30,000 
        3-dimensional objects, 800,000 photographs, and 1,500,000 
        documents;
            (9) the Naismith Memorial Basketball Hall of Fame welcomes 
        more than 6,000,000 visitors interested in discovering the rich 
        history of the game through its stories, its personalities, and 
        its most celebrated moments;
            (10) the Naismith Memorial Basketball Hall of Fame reaches 
        over 7,000,000 Americans through its educational programs, 
        events, exhibits, social media, and its interactive website;
            (11) the customized educational programs of the Naismith 
        Memorial Basketball Hall of Fame use basketball to teach young 
        students around the world the important lessons on a variety of 
        topics, including financial literacy, mathematics, civil 
        rights, leadership of character, women's and men's history, and 
        geography; and
            (12) the Naismith Memorial Basketball Hall of Fame will 
        lead the celebration of 60th anniversary of basketball and will 
        partner with a select group of constituents, including the 
        National Basketball Association, the National Collegiate 
        Athletic Association, and USA Basketball in commemorating the 
        game throughout the 2019-2020 basketball season.

SEC. 3. 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) $5 gold coins.--Not more than 50,000 $5 coins, which 
        shall--
                    (A) weigh 8.359 grams;
                    (B) be struck on a planchet having a diameter of 
                0.850 inches; and
                    (C) contain 90 percent gold and 10 percent alloy.
            (2) $1 silver coins.--Not more than 400,000 $1 coins, which 
        shall--
                    (A) weigh 26.73 grams;
                    (B) be struck on a planchet having a diameter of 
                1.500 inches; and
                    (C) contain not less than 90 percent silver.
            (3) Half-dollar clad coins.--Not more than 750,000 half-
        dollar coins which shall--
                    (A) weigh 11.34 grams;
                    (B) be struck on a planchet having a diameter of 
                1.205 inches; and
                    (C) be minted to the specifications for half-dollar 
                coins contained in section 5112(b) of title 31, United 
                States Code.
    (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.
    (d) Dome Shape.--The coins minted under this Act shall be in the 
shape of a dome.

SEC. 4. DESIGN OF COINS.

    (a) In General.--The design for the coins minted under this Act 
shall be--
            (1) selected by the Secretary after consultation with the 
        Commission of Fine Arts; and
            (2) reviewed by the Citizens Coinage Advisory Committee.
    (b) Designations and Inscriptions.--On each coin minted under this 
Act there shall be--
            (1) a designation of the value of the coin;
            (2) an inscription of the year ``2019''; and
            (3) inscriptions of the words ``Liberty'', ``In God We 
        Trust'', ``United States of America'', and ``E Pluribus Unum''.
    (c) Selection and Approval Process for Obverse Design.--
            (1) In general.--The Secretary shall hold a competition to 
        determine the design of the common obverse of the coins minted 
        under this Act, with such design being emblematic of the game 
        of basketball.
            (2) Selection and approval.--Proposals for the design of 
        coins minted under this Act may be submitted in accordance with 
        the design selection and approval process developed by the 
        Secretary in the sole discretion of the Secretary.
            (3) Proposals.--As part of the competition described in 
        this subsection, the Secretary may accept proposals from 
        artists, engravers and other employees of the United States 
        Mint, other Government employees, and members of the general 
        public.
            (4) Compensation.--The Secretary shall determine 
        compensation for the winning design under this subsection, 
        which shall be not less than $5,000. The Secretary shall take 
        into account this compensation amount when determining the sale 
        price described in section 6(a).
    (d) Reverse Design.--The design on the common reverse of the coins 
minted under this Act shall depict a basketball.

SEC. 5. ISSUANCE OF COINS.

    (a) Quality of Coins.--Coins minted under this Act shall be issued 
in uncirculated and proof qualities.
    (b) Period for Issuance.--The Secretary may issue coins minted 
under this Act only during the 1-year period beginning on January 1, 
2019.

SEC. 6. SALE OF COINS.

    (a) Sale Price.--The coins issued 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(a) with respect to 
        such coins; and
            (3) the cost of designing and issuing the coins (including 
        labor, materials, dies, use of machinery, winning design 
        compensation, overhead expenses, marketing, and shipping).
    (b) Bulk Sales.--The Secretary shall make bulk sales of the coins 
issued 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 as follows:
            (1) A surcharge of $35 per coin for the $5 coin.
            (2) A surcharge of $10 per coin for the $1 coin.
            (3) A surcharge of $5 per coin for the half-dollar coin.
    (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 to 
the Naismith Memorial Basketball Hall of Fame to fund an endowment that 
will enable increased operations and educational programming of the 
Naismith Memorial Basketball Hall of Fame.
    (c) Audits.--The Naismith Memorial Basketball Hall of Fame shall be 
subject to the audit requirements of section 5134(f)(2) of title 31, 
United States Code, with regard to the amounts received under 
subsection (b).
    (d) Limitation.--Notwithstanding subsection (a), no surcharge may 
be included with respect to the issuance under this Act of any coin 
during a calendar year if, as of the time of such issuance, the 
issuance of such coin would result in the number of commemorative coin 
programs issued during such year to exceed the annual commemorative 
coin program issuance limitation under section 5112(m)(1) of title 31, 
United States Code (as in effect on the date of the enactment of this 
Act). The Secretary of the Treasury may issue guidance to carry out 
this subsection.
A:
Naismith Memorial Basketball Hall of Fame Commemorative Coin Act This bill directs the Department of the Treasury to mint and issue not more than 50,000 $5 coins, 400,000 $1 coins, and 750,000 half-dollar coins emblematic of the game of basketball.  The bill requires all sales of such coins to include specified surcharges, which shall be paid by Treasury to the Naismith Memorial Basketball Hall of Fame to fund an endowment for increased operations and educational programming.