Public Schools Renewal and Improvement Act of 1997

Public Schools Renewal and Improvement Act of 1997 - Establishes a procedure by which a local schools consortium shall request, through the State Governor, a declaration by the President that a public schools renewal effort is underway in its community. Requires such request to: (1) include the three-year plan for public schools renewal and improvement; (2) describe the nature and amount of State and local resources which have been or will be committed to such renewal and improvement; and (3) certify that State or local government obligations and expenditures will comply with all applicable matching requirements established pursuant to this Act. Authorizes the President to: (1) make such a requested declaration; and (2) authorize the Department of Education and other Federal agencies to provide assistance under this Act. Requires the consortium to make annual: (1) amendments to the request to include additional initiatives and approaches to improve academic effectiveness and school safety; and (2) progress reports to the Secretary of Education.

(Sec. 5) Sets forth required elements of such public schools renewal and improvement plans, including specification of certain adverse conditions and certain assurances.

(Sec. 6) Authorizes the President to provide for various forms of allowable Federal assistance under this Act. Directs the Secretary to distribute such funds and resources.

(Sec. 7) Sets forth requirements for use of such assistance for various student-targeted resources, classroom-focused school development, accountability reforms, and other, similar types of public school reforms.

(Sec. 8) Allows such assistance to be provided for each of FY 1998 through 2000.

(Sec. 9) Requires the Secretary to report to specified congressional committees on this Act's effectiveness.

(Sec. 10) Authorizes appropriations. Sets forth matching requirements for States or localities, which the President may waive upon the Secretary's recommendation.