Fiscal Assistance Amendments

[AI summary unavailable — showing source text] Fiscal Assistance Amendments - Allows the use of funds paid to State and local governments under the State and Local Fiscal Assistance Act of 1972 for nonpriority expenditures and for projects for which the Federal Government will provide additional matching funds. Abolishes the National Trust Fund for revenue sharing payments. Extends the Act to September 30, 1980. Authorizes appropriations for the purpose of making payments under such Act as follows: (1) for the period January 1, 1977, through September 30, 1977, $4,987,500,000; (2) for fiscal years 1978, 1979, and 1980, $6,650,000,000 per year; (3) for noncontiguous States adjustments payments for the period January 1, 1977 through September 30, 1977, $3,585,000; and (4) for such adjustments payments for fiscal years 1978, 1979, and 1980, $4,780,000 per year. Requires that a local governmental unit provide specified services for its citizens before it can qualify to receive revenue sharing payments as a "unit of local government" under the Act. Requires each State receiving revenue sharing payments to submit an annual report to the Secretary of the Treasury describing steps it has taken to modernize the State and local governmen…