Targeted Revenue Assistance to Fiscally Distressed Local Governments Act

[AI summary unavailable — showing source text] Targeted Revenue Assistance to Fiscally Distressed Local Governments Act - Establishes a program to provide financial assistance to fiscally distressed units of local governments. Authorizes appropriations to carry out this Act. Provides that a local government unit qualifies for such assistance after satisfying specified criteria, including that: (1) if at least 25 percent of the pay of a public employee is paid out of such payment, such individual will receive pay at least equal to the prevailing rate of pay for individuals employed in similar public employee occupations by the government; (2) if at least 25 percent of the costs of a construction project are paid out of such payment, laborers and mechanics employed by contractors or subcontractors on the project will receive pay at least equal to the prevailing rate of pay for similar construction in the locality; and (3) the government will use specified accounting, audit, and fiscal procedure guidelines. Imposes sanctions for noncompliance. Makes allocations of special entitlements for Indian tribes, Alaskan native villages, and the District of Columbia, based on population to be determined by a specified formula. Allocates fun…