A bill to amend the Mineral Lands Leasing Act to provide for a minimum royalties payment to the Federal Government for shale oil produced on Federal lands, to establish on oil shale area impact fund, and for other purposes.

Provides that the annual rental of 50 cents per month per acre prescribed for public lands producing oil shale leased pursuant to the Mineral Lands Leasing Act, plus such royalties as specified in such leases, shall not be waived during the first five years of any lease.

Provides that a lessee under such Act shall pay a minimum of 12 1/2 percent of the value of all oil and other minerals removed from the lands subject to such lease. States that 37 1/2 percent of such monies shall be used by the State within which such lands are located for assistance to public roads and transportation systems, public education institutions, and communities directly impacted by mineral resource development.

Establishes the Oil Shale Area Impact Fund, to consist of an additional 10 percent of the revenues collected pursuant to this Act, to provide loans to States and local governments for the purposes of planning assistance in providing services to States determined by the Secretary of the Interior to be directly impacted by significant population growth due to oil shale development. Requires that on 50 percent of such loans shall be repaid by the State or political subdivision thereof receiving such loan.