Ocean and Coastal Resources Management Act

Ocean and Coastal Resources Management Act - Establishes in the Treasury an Ocean and Coastal Resources Management Fund to provide States and territories with ocean and coastal management block grants through FY 1989.

Provides money for such Fund from a percentage of Outer Continental Shelf oil and gas revenues.

Requires an applicant State to report to the Secretary of Commerce, specifying projects and allocations. Requires public review of such report.

Sets minimum State and territory grant amounts, with additional allocations based on: (1) coastal population; (2) shoreline; (3) oil or gas production; (4) energy facilities; and (5) bonus revenues.

Requires grants to be used for: (1) carrying out the Coastal Zone Management Act of 1972; (2) coastal energy impact projects; (3) projects under the Anadromous Fish Conservation Act and the Commercial Fisheries Research and Development Act; (4) local jurisdictions; and (5) research, marine resources, and interstate programs.

Requires an annual grant assessment and audit.