Local Partnership Act of 1992

Local Partnership Act of 1992 - Establishes a revenue sharing program of payments to local governments. Sets forth the general framework for the use and timing of payments and for adjustments. Requires that, with certain exceptions, a specified percentage of program payments made to a unit of general local government which are obligated for contracts and subcontracts be expended with: (1) women-owned and other small businesses controlled by socially and economically disadvantaged individuals; and (2) Black colleges and certain other minority educational institutions.

Establishes in the Treasury a Local Government Fiscal Assistance Trust Fund (trust fund), with the Secretary of the Treasury as the personal trustee, and authorizes appropriations for FY 1992 and 1993 to finance it.

Describes qualifying criteria for and conditions to be met by local governments seeking payments under the program. Requires payments withheld in cases of noncompliance with such criteria or specified regulations.

Requires the Secretary, in accordance with specified formulae, to determine the amount from the trust fund to be allocated to each State for further allocation to county, municipal, and township local governments as well as to Indian tribes and Alaskan native villages. Sets forth special rules governing allocations to territorial governments.

Permits State variation of local government allocations.

Sets forth special rules governing adjustments in local government allocations, including a limit on allocations to local government units, with any excess amounts going to the Governor of the State for public works projects in areas of the State where units allocated less than a specified amount are located.

Specifies the information to be used in making allocations under the program.

Requires public hearings on proposed uses of program payments in relation to the local government's budget.

Requires public disclosure of information on proposed payment uses and proposed budgets of local governments both prior to the hearing and after adoption of the budget.

Prohibits discrimination under a local government program or activity on the basis of race, color, national origin, or sex if such program or activity is paid for with funds provided under this Act. Lists additional prohibitions applicable to such programs or activities.

Prescribes procedures for: (1) instituting administrative proceedings for violations of such prohibitions; (2) suspending and terminating payments; and (3) judicial review of such sanctions.

Sets forth provisions providing for: (1) enforcement by the Attorney General of such prohibitions; (2) civil actions by persons adversely affected by prohibited practices; (3) independent audits of local government finances; (4) investigations by the Secretary of possible violations of this Act; (5) reviews by the Comptroller General of activities of the Secretary, State governments, and local government units to determine compliance with this Act; (6) annual reports by the Secretary to the Congress on both the trust fund and the administration of the payment program; and (7) annual reports by local governmental units to the Secretary on program payments.