A bill to amend title IV of the Elementary and Secondary Education Act of 1965 in order to make the maintenance of effort provisions of that title more equitable.

Requires that any State plans submitted for the purpose of receiving grants under the libraries and learning resources provisions of the Elementary and Secondary Education Act of 1965, include assurances that the per pupil amount (previously aggregate amount) to be expended by the State and its local educational agencies, derived from non-Federal sources for authorized programs, will not be less than 95 percent of the amount so expended for the preceding fiscal year.

Allows the Commissioner of Education to waive such requirement if: (1) the rate of unemployment in a State or unit of local government exceeds the national unemployment rate by two percent or more; (2) there is a reduction in available tax resources in a State or local unit of government; or (3) a local educational agency serves substantially the same geographic area as any unit of local government which is receiving funds under the New York City Seasonal Financing Act of 1975.