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 draw funds to which they will become entitled in advance of the actual period for which such funds will be entitled where the chief executive officer of such local government shows a critical need for such funds.