Composites Technology Development Act of 1987

Composites Technology Development Act of 1987 - Directs the Secretary of Defense (the Secretary) to formulate and carry out a pilot program to achieve the purposes of this Act. Authorizes the Secretary to make monetary grants to any consortium which: (1) is comprised of the University of Delaware, commercial enterprises in the chemical industry, and the State of Delaware; (2) enters into an agreement with the Secretary; and (3) meets the private contributions requirement provided for under this Act. Requires any such consortium, in order to be eligible to receive such grants, to: (1) obtain private funding matching the grant amount provided by the Secretary; and (2) use such funds to conduct the activities of the Institute for Composite Development and Application (the Institute), established under this Act. Limits to $10,000,000 the total amount to be made available by the Secretary to a consortium in any fiscal year.

Requires an agreement entered into between the Secretary and a consortium to include the following provisions: (1) the consortium shall develop a research center to be known as the Institute for Composite Development and Application; (2) the consortium shall acquire such facilities in the State of Delaware as necessary for the Institute to carry out the purposes of this Act; (3) the Institute shall carry out projects for the purpose of identifying potential civilian applications for composites technology (the technology of the combination of two materials which, by reason of their combination, has a property that is superior to a comparable property of a conventional material) developed under research programs conducted by or for the Department of Defense, and also for developing military applications of such technology; (4) the Secretary and the Executive Director of the Institute shall develop procedures for the orderly transfer of project results to the private sector for commercial uses; (5) the Secretary shall furnish to the Institute composites technology developed under research programs conducted by or for the Department of Defense; (6) the Secretary shall furnish scientific and engineering experience for a five-year period; (7) the Institute shall have a Board of Directors with a specified seven-member composition; (8) the Institute shall have an Executive Director; (9) funds made available to the consortium under this Act may not be used for any other purpose; (10) authorized representatives of the Secretary may inspect the facilities, books, and records of the Institute; and (11) the University of Delaware shall be responsible for providing administrative services for the Institute. Authorizes the Secretary to include in such agreements any other provisions deemed necessary to carry out this Act, to protect national security interests, and to protect U.S. Government interests in composites technology.

Directs the Board of the Institute, no later than January 1, 1993, to transmit to the Secretary a written report assessing whether and to what extent the purposes of this Act have been achieved under the pilot program, together with appropriate recommendations.

Provides funding for the making of grants under this Act through FY 1992, such funds to be obtained from Department of Defense research and development funds made available for such years.