Public Land and Recreation Investment Act of 1999

(Sec. 4) Revises the allocation of appropriations to the Fund to require that: (1) 40 percent be allocated for financial assistance to States, of which at least 50 percent shall be directed to local governments to provide natural areas, open space, parkland, wildlife habitat, and recreation areas; (2) 50 percent be allocated for specified Federal purposes; and (3) ten percent be allocated for grants to local governments under the Urban Park and Recreation Recovery Act of 1978 for the Urban Parks and Recreation Recovery Program.

Requires that Indian tribes be recognized collectively as one State under the Stateside grants program. Limits the amount of grant funds for any single Indian tribe to a maximum of ten percent of all funds made available to all Indian tribes. Exempts any Indian tribe from the requirement under this Act that at least 50 percent of its grant funds be directed to local governments.

Requires States to: (1) develop, with public participation, action agendas that identify their top conservation and recreation acquisition needs; and (2) use recovery action plans developed by local governments as a guide in doing so.

Revises the prohibition against conversion of property acquired or developed with assistance under such Act to a use other than for recreation, open space, or conservation without the Secretary's approval, as well as the requirements for such approval.

Requires the President, as part of the annual budget request to Congress, to submit a list of priority acquisitions for expenditure of the Federal allocation, which Federal agencies shall follow unless Congress specifies a different order of priority or list of priorities.

(Sec. 5) Amends the Urban Parks and Recreation Recovery Act to allow funds to be spent for construction of recreation facilities, and acquisition of park lands in urban areas. Authorizes the Secretary to make 70-percent matching acquisition grants and development and construction grants to local governments in addition to the current innovation and rehabilitation grants. Extends to acquired property the current prohibition against conversion (without the Secretary's approval) of improved or developed property to a use other than for public recreation. Revises the requirements for such approval.