American Constitution Bicentennial Foundation Act

American Constitution Bicentennial Foundation Act - Declares the finding of Congress that the Constitution of the United States established the longest surviving government now existing in the world, that the bicentennial is an appropriate time to renew our commitment to the principles underlying the Constitution, and that the period between the 200th anniversary of the Declaration of Independence and the 200th anniversary of the Constitution provides an appropriate period to study the principles of the American Revolution, assess where our society and government now stand, and develop goals for America's third century.

Establishes the American Constitution Bicentennial Foundation consisting of 15 members appointed by the President with appropriate supporting staff.

Authorizes the Foundation to carry out a program of grants-in-aid to groups and individuals to assist in developing or supporting projects and programs to improve the understanding of our heritage, to maintain and strengthen democratic institutions, and to develop fresh insights and approaches to resolving the social and economic problems which confront us.

Authorizes the Foundation to accept, use, and dispose of donations to assist in carrying out the purposes of this Act.

Authorizes appropriations for grants under this Act of $35,000,000 per year for fiscal years 1977 through 1981 and such sums as may be necessary for fiscal years 1982 through 1989. Authorizes to be appropriated to administer this Act $2,000,000 per year for fiscal years 1977 through 1981 and such sums as may be necessary for fiscal years 1982 through 1989.

Requires the Foundation to report to the President and Congress annually to summarize its activities for the preceding year.

Terminates the Foundation on July 31, 1989, at which time its duties with respect to insuring that grants made were used for the purpose they were intended are transferred to the Office of Management and Budget.