Outdoor America Conservation Fund Act of 1988

Outdoor America Conservation Fund Act of 1988 - Establishes in the Treasury the Outdoor America Conservation Fund (Fund) which shall consist of revenues from the Outer Continental Shelf Lands Act and a certain amount equal to that credited to the Land and Water Conservation Fund. Requires the Secretary of the Treasury to invest a portion of the Fund in public debt securities bearing interest.

Authorizes appropriations.

Allocates amounts available for expenditure from the Fund in any fiscal year as follows: (1) at least 30 percent for Federal purposes; (2) at least 30 percent for State purposes; and (3) during the ten-fiscal year period beginning October 1, 1990, at least ten percent for State trusts.

Authorizes the Secretary of Commerce and the Secretary of the Interior to provide out of the Fund financial assistance to States for outdoor recreation: (1) planning; (2) acquisitions of land, waters, or interests in land or waters; or (3) development. Requires each State to transfer not less than 50 percent of its grant to local governments and other qualifying recipients. Requires five percent of the funds apportioned to each State to be used only for purposes of projects in which not less than ten percent of the State or local share of project costs is provided by private or nonprofit organizations or sources. Provides that funds from State grants may be transferred from political subdivisions or public agencies to private nonprofit organizations if specified conditions are met.

Provides that any State, county, or other political subdivision which is qualified to receive funds from this Act for acquisition purposes may receive planning funds to cover not more than 50 percent of the cost of revising an approved coastal management program under the Coastal Zone Management Act to retain land for recreation and conservation purposes. Authorizes such State or local governmental entity to receive funds to cover not more than 60 percent of the cost of the acquisition of lands, waters, or interests therein upon the adoption of such plan and its approval by the Secretary of Commerce. Requires amounts made available from the Fund for State trusts to be used, during the ten-fiscal year period beginning October 1, 1990, by the State for projects similar to those provided under this Act. Requires such State funds to be matched with funds from non-Federal sources.

Allocates funds for Federal land and waters acquisition purposes for: (1) the national wildlife refuge system; (2) a national flood insurance program; and (3) other land acquisitions eligible for funding under the Land and Water Conservation Act of 1965.

Requires the head of each agency receiving funds under this Act to transmit to the appropriate congressional committees by October 1 of each year a detailed land acquisition priority list that contains the funding level of not less than the previous three years' obligations or expenditures for land acquisition for such agency. Requires the Secretary of the Treasury to report to the Congress for each fiscal year ending on or after September 30, 1988, with respect to the financial condition and the results of the operations of the Fund during such fiscal year, including the next five fiscal years.