Outdoor America Conservation Fund Act of 1987

[AI summary unavailable — showing source text] Outdoor America Conservation Fund Act of 1987 - Title I - Establishes in the Treasury the Outdoor America Conservation Fund, to be composed of amounts equivalent to the tax on documents of real property conveyances, together with funds from oil and gas revenues from the Outer Continental Shelf, conservation bond revenues, and if necessary, revenues from the disposal of surplus real and related property required to reach the $1,000,000,000 target for a fiscal year. Makes 40 percent of such Fund available to the Secretaries of the Interior and of Agriculture for acquisition projects for national parks, wildlife refuges, wetlands, forests, and other significant natural resources. Requires appropriate agency officials to prepare and submit to certain congressional committees a priority list of acquisition projects based on the money and information available, and on the potential adverse impacts if such land is not acquired. Provides for direct allocation of monies from the Fund if the Appropriations Committees fail to do so. Makes 55 percent of such Fund available to States, 50 percent of which must go to local governments, for open space preservation planning or land or water acquisi…