Local Fiscal Assistance Act

Local Fiscal Assistance Act - Revises the State and Local Fiscal Assistance Act to delete the provisions of that Act authorizing payments by the Secretary of the Treasury to units of general local government from the Trust Fund created by that Act. Changes the designation of the "State and Local Government Fiscal Assistance Trust Fund" to the "Local Government Fiscal Assistance Trust Fund.

Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for the transition period and for fiscal years 1976 through 1981.

Makes appropriations to the Trust Fund, out of amounts in the general fund of the Treasury, for noncontiguous States adjustment amounts, for the transition period and for fiscal years 1976 through 1981.

Directs that allocations made to States from the Trust Fund be allocated among the units of local government of the States.

Authorizes local government units to issue special revenue sharing bonds guaranteed by the United States Government when the Secretary of the Treasury determines such government is in critical need of such funds.

Directs units of local government to report to the Secretary concerning the amounts and purposes for which funds received under this Act were expended.

Prohibits discrimination on the basis of race, color, national origin, or sex with respect to any program for which funds are provided under this Act.