Schoolyard Safety Act of 2001

Schoolyard Safety Act of 2001 - Amends the Incentive Grants for Local Delinquency Prevention Program Act to: (1) reauthorize appropriations; (2) authorize the use of prevention program grants for court supervised initiatives that address the illegal possession of firearms by juveniles; and (3) require that priority be given to grant applicants that have in effect a policy or practice that requires State and local law enforcement agencies to detain for at least 24 hours any juvenile who unlawfully possesses a firearm in a school, upon a judicial finding that the juvenile may be a danger to himself or herself or to the community.