National Parks Capital Improvements Act of 1997

National Parks Capital Improvements Act of 1997 - Authorizes the Secretary of the Interior to enter into a memorandum of agreement with an entity to act as an authorized fundraising organization for the benefit of the Grand Canyon National Park and any other national park designated by the Secretary that has an approved general management plan with capital needs in excess of $5 million. Requires the organization to issue taxable bonds in return for a park surcharge. Exempts the United States from liability for such bonds unless the surcharge is not imposed for any reason or if it is reduced or eliminated in which case the full faith and credit of the United States is pledged to bond payment.

Authorizes the Secretary to permit the Superintendent of the park to charge and collect, in addition to the entrance fee, a surcharge of not to exceed two dollars. Requires: (1) the surcharge to be used by the organization to amortize the bond issue, to provide for the reasonable costs of administration, and to maintain a sufficient reserve consistent with industry standards; and (2) any excess funds to be remitted to the National Park Foundation (NPF) to be used for the benefit of all National Park System (NPS) units.

Allows bond proceeds to be used for a park facility project that is consistent with: (1) the laws governing the NPS and the park; and (2) the general management plan for the park. Prohibits bond proceeds (other than interest earned on them) from being used to defray administrative expenses.

Allows the interest to be used by the organization to meet reserve requirements and defray administrative expenses incurred in connection with the management and sale of the bonds. Requires the interest not used for such purposes to be remitted to the NPF for the benefit of all NPS units.