Toll Facilities Development and Improvement Act of 1987

Toll Facilities Development and Improvement Act of 1987 - Amends Federal law regarding toll facilities to provide that all highways, bridges, and tunnels which are constructed or rehabilitated shall, with specified exceptions, be free from tolls of all kinds.

Authorizes the States to impose tolls on any highway, bridge, or tunnel (other than on the Interstate system) without liability for repaying any Federal-aid highway funds expended on such facilities if they meet specified requirements. Allows the Secretary of Transportation to make such requirements applicable to Federal participation in: (1) the initial construction of any toll highway, bridge, or tunnel which is not part of the Interstate System on a new location at any time before such facility is open to traffic; (2) major reconstruction which expands the capacity that is subject to tolls and is not part of the Interstate System; and (3) the acquisition of any toll bridge or tunnel that is not part of the Interstate System. Limits the Federal share payable for any such project to 50 percent.

Delineates circumstances under which Federal participation is authorized for the construction of both toll and free ferry boats, including construction projects constituting approaches to such ferry boats on either the Federal-aid primary or secondary system (but not on the Interstate system). Authorizes such Federal participation upon the condition that: (1) the operating authority and the amount of fares charged shall be under the control of a State agency or official; and (2) all revenues derived from publicly owned or operated ferries shall be applied to construction, acquisition, operation, and maintenance costs.

Makes Federal-aid systems funds available for obligation on projects approaching any toll highway, bridge, or tunnel.

Authorizes Federal participation in any engineering and fiscal assessments, traffic analyses, and preliminary design analyses necessary to determine whether a privately owned toll facility shall be acquired by a State (or political subdivision).

Directs the Secretary to cancel certain agreements entered into with a State before the date of enactment of this Act if a State requests such cancellation, and if it enters into an agreement satisfactory to the Secretary regarding toll facilities as detailed in this Act.