Federal Energy Development Impact Assistance Act

Federal Energy Development Impact Assistance Act - Authorizes the Secretary of the Interior to make Federal grants, loans, and loan guarantees for acquisition, construction, and equipment of various public facilities to States, localities, and Indian tribes which are affected by the development of Federal energy resources. Limits the aggregate amount of outstanding Federal assistance under this Act to $1,000,000,000. Stipulates that no Federal commitments shall be entered into after September 30, 1989.

Lists the following "public facilities" as eligible for assistance under this Act: schools, libraries, roads and related improvements, water supply and sewer systems, and facilities for storm water drainage, waste treatment, health care, fire protection, police, recreational participation, and governmental administration.

Directs the Secretary to establish a formula for the allocation of such Federal assistance in accordance with the following factors: (1) projected population growth resulting from additional direct employment caused by development of Federal energy resources; (2) average of public facilities; (3) regional differences in construction costs; and (4) need for additional public facilities as related to the rate of expected population growth. Authorizes discretionary increases in allotments of up to five percent if justified by special environmental circumstances.

Imposes conditions on the use and allocation of funds within each State and Indian tribe. Limits the amount of grants to the lesser of (1) ten percent of the total allotment for each State or tribe, or (2) $1,000,000 for each impacted area.

Authorizes the Secretary to forgive all or part of the principal of and interest on loans or guarantees where projected development or growth does not occur and such forgiveness would appropriately reflect any current and future inability of the borrower to repay.

Establishes within the Treasury a Federal Energy Development Impact Assistance Fund to provide the assistance authorized under this Act. Authorizes the appropriation of $1,000,000,000 to provide capital to the Fund, to remain available until September 30, 1989.