Emergency Bond Guarantee Act

Emergency Bond Guarantee Act - Creates an Emergency Bond Guarantee Board tp quarantee, or make commitments to guarantee, the timely payment of principal and interest to holders of obligations which are to be issued by a State either directly or through a State agency for the purpose of financing the credit needs of a municipality subject to its jurisdiction and which otherwise meet the requirements of this Act.

Specifies standards and conditions pursuant to which the Board may make guarantees under this Act, such standards and conditions being generally directed at the degree of financial responsibility and well-being of the State and appropriate municipality.

Limits the aggregate principal amount of obligations of any municipality guaranteed by the Board at any time to $6,000,000,000.

Directs the General Accounting Office to audit applicant States and municipalities prior to the making of any guarantees under this Act.