National Park Bonds and Capital Improvements Act of 1997

National Park Bonds and Capital Improvements Act of 1997 - Establishes in the Treasury a National Park Capital Improvement Fund. Directs the Secretary of the Treasury (the Secretary) to: (1) deposit all revenues collected by the National Park Service from all park units in the National Park System into such Fund (and requires that the Fund be held in trust by the Secretary for the purpose of paying the debt service on the National Park Capital Improvement bonds); and (2) issue taxable bonds, with the interest paid from the Fund. Requires the Secretary of the Interior to enter into a memorandum of agreement with the Secretary for the purpose of managing the Fund and issuing bonds.

Directs the Secretary of the Interior to credit to the Fund specified funds collected pursuant to the Land and Water Conservation Fund Act of 1965 from the operation of concessions within the National Park System under the National Park Concessions Act of 1965 and as special use fees pursuant to the National Park Organic Act of 1916 and the National Park Administration Act.

Authorizes the use of bond proceeds, subject to specified restrictions, for projects that will: (1) protect the natural, historic, cultural, scenic, and other resources of a park; (2) provide educational and interpretative programs to enrich the park resource based experience of visitors; and (3) rehabilitate, replace, or repair existing facilities or design and construct new facilities in a park unit.

Sets forth provisions regarding limits on such projects, interest on bond proceeds, and regulations for the identification and prioritization of projects to be funded pursuant to this Act.