Urban Mass Transportation Authorization Act of 1987

Urban Mass Transportation Authorization Act of 1987 - Amends the Urban Mass Transportation Act of 1964 to authorize appropriations for FY 1987 through 1990 from the Mass Transit Account of the Highway Trust Fund for specified purposes under such Act, and for substitute mass transportation projects.

Amends the Urban Mass Transit Act of 1964 to specify allocation percentages for: (1) rail modernization; (2) new fixed guideway systems and extensions; and (3) bus purchase, replacement, and rehabilitation, and the construction of bus-related facilities.

Amends the Urban Mass Transportation Act of 1964 to modify the deadlines for the submission of certain reports to specified congressional committees. Requires the Secretary of Transportation to submit to such committees a status report on execution of grant contracts and the establishment of a Letter of Credit (or other reimbursement authority) for sums already obligated for each State, designated recipient, and applicant.

Declares that block grants for construction projects shall also be available to finance the leasing of facilities and equipment for use in mass transportation service.

Modifies the definition of "associated capital maintenance items" to include reconstructed items and to reduce the benchmark value of such items from one percent to one-half of one percent of the current fair market value of rolling stock (thus expanding the number and type of items that may be capitalized). Makes the Federal grant for any construction project 80 percent of the net project cost (currently 80 percent is the maximum percentage). Authorizes the recipient to provide additional local match at its option for the operating expenses percentage of such a project.

Authorizes newly urbanized areas to use from their annual apportionments the same amount of funds for operating assistance in FY 1986 through 1990 as was available during FY 1985.

Requires reapportionment of lapsed formula grant funds within 30 days after the lapsing date.

Requires that block grant appropriations for any fiscal year be fully apportioned by the tenth day following the appropriation date.

Makes certain Mass Transit Account funds available for capital grants.

Requires a block grant recipient to certify to the Secretary within a specified period of time that it is the recipient's intent to obligate certain unobligated funds by a certain deadline. Makes apportionments which have not been so certified available for reallocation.

Directs the Secretary to transmit annually to certain congressional committees an agenda listing all areas in which he or she intends to propose rules governing activities under this Act.

Provides capital assistance for: (1) bus remanufacturing that extends the life of a bus eight years or more; and (2) the overhauling of rolling stock.

Prohibits additional restrictions on the use of rural transit grants for operating assistance.

Authorizes the Secretary to use a maximum of one-half of one percent of the funds made available for major capital projects each fiscal year to contract with any person for the performance of project management oversight. Prescribes guidelines for such a contract. Requires major capital project grant recipients to develop project management oversight plans.

Authorizes the Secretary to make capital grants to public mass transit systems for crime prevention and security.

Directs the Secretary to: (1) increase by a specified amount the estimate of the cost of completing substitute mass transit projects; (2) enter into a multi-year contract with the Southern California Rapid Transit District to complete specified "Minimum Operable Segments"; (3) undertake a comprehensive study (in cooperation with specified local bodies) of the future of the Bay Area Rapid Transit System, with special emphasis on the development of financing alternatives for certain first phase rail extensions; and (4) transmit a report with a specified deadline to the Congress on the results of such study.

Authorizes the Governor of Nevada to transfer a specified maximum sum of unused formula capital grant apportionments for use in Santa Clara County, California.