National Parks Capital Improvements Act of 1996

Summary

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 July 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 11 July 1996

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• Introduced in House

  summary · EN · 11 July 1996

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