Impact Aid Reauthorization Act of 1987

Impact Aid Reauthorization Act of 1987 - Reauthorizes and revises Federal law relating to impact aid payments to local educational agencies affected by Federal activity.

Revises the policy declaration to use the term "reimbursement" (rather than "assistance").

Extends the authorization of specified provisions under the Act through FY 1993. Authorizes appropriations for FY 1989 through 1993.

Revises formulas for determining the amount of payments to local educational agencies.

Provides that certain increases in such payments shall be sufficient to allow the school district to have an operating cost no greater than: (1) the average of comparable school districts in the State; or (2) if there are no comparable school districts, the State average operational cost.

Provides that a reasonable tax effort has been made if the agency's tax effort is at least equal to 80 percent of the average taxes levied for operational purposes by not more than three comparable school districts for that year.

Reduces certain payments to an agency by the percentage that the average operational tax rate of the comparable school districts (or, if none, the State average operational tax rate) exceeds the actual tax levied by the agency's school district.

Provides that, for FY 1988 and for each fiscal year thereafter, the local contribution rate for agencies whose school district boundaries are coterminous with the boundaries of a military installation shall be not less than 70 percent of the average per pupil expenditure in all States during the second preceding year prior to the current fiscal year.

Provides that any agency eligible for an increase under certain provisions shall receive 100 percent of the amount to which it is entitled under other specified provisions.

Provides for rounding of payments to the nearest whole dollar.

Revises provisions for adjustments where necessitated by appropriations to change the formulas determining how the Secretary of Education shall allocate additional amounts among various categories of local educational agencies.

Revises provisions relating to State treatment of Federal impact aid payments in determining a local educational agency's eligibility for, and the amount of, State aid. Requires that the State formula ensure that the local agency will have sufficient funds available to expand at or above the State average per pupil expenditure or the average per pupil expenditure for comparable districts, whichever is greater. Provides that specified types of impact aid shall not be taken into consideration as local resources by the State.

Directs the Secretary, for any fiscal year after FY 1987, to allocate to any local educational agency which received a payment under specified provisions in FY 1987 an amount which is not less than the product of 100 percent of the per pupil amount paid to such agency in FY 1987 and the number of children in average daily attendance for the fiscal year for which the determination is made.

Permits a local educational agency receiving impact aid funds also to receive funds under provisions for education of children where local agencies cannot supply facilities.

Directs the Secretary to establish regional panels to review proposed regulations before their publication. Provides that such panels shall be composed of Federal, State, and local education administrators, parents of elementary and secondary students, elementary and secondary teachers, and members of local educational agencies involved with implementing programs under the Act. Authorizes the Secretary to issue emergency regulations without such review, but requires the Secretary to convene regional panels immediately thereafter to review such emergency regulations prior to issuing them in final form.