Local Fiscal Assistance Act of 2009 - Requires the Secretary of the Treasury (or delegate) to make entitlement payments out of the Local Government Fiscal Assistance Trust Fund (established by this Act), in periodic installments through FY2011, to local governments.
Requires the use of such funds only for specified priority ordinary and necessary maintenance and operations and capital expenditures.
Establishes in the Treasury the Local Government Fiscal Assistance Trust Fund.
Makes appropriations to the Trust Fund through FY2011.
Prescribes allocation formulas for distributing entitlement payments among states and their local governments.
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