National Public Works Corporation Act

National Public Works Corporation Act - Amends the Public Works and Economic Development Act of 1965 to establish the National Public Works Corporation.

Authorizes appropriations for the capitalization of the Corporation for fiscal years following 1993. Authorizes States electing to participate in the Corporation to make certain contributions.

Authorizes the Corporation to make loans to participating States and local governments for projects for the construction, rehabilitation, and repair of public facilities.

Prohibits the Corporation from making a loan for a public facility project unless such facility will generate sufficient fees to repay principal and interest and create sufficient reserves for operation and maintenance.

Requires the Governor of a State and local officials to submit applications for public facility project loans for the State and local governments, respectively. Requires Governors to ensure a proper distribution of available loan funds in a State between urban and rural areas according to a certain allocation formula.

Requires the Corporation to require all contracts made with such loan proceeds to be awarded on the basis of competitive bidding.

Authorizes appropriations to the Corporation for fiscal years after FY 1993, in order to reduce interest rates paid by borrowers under this Act.

Declares that the Corporation, its assets, and certain property shall be exempt from State, local, or Federal taxes, except for certain real property and tangible personal property.