Nuclear Waste Fund Authorization Act, Fiscal Years 1986 and 1987

Nuclear Waste Fund Authorization Act, Fiscal Years 1986 and 1987 - Authorizes appropriations to the Department of Energy for expenditure from the Nuclear Waste Fund for the following activities: (1) a first repository development; (2) a second repository development; (3) monitored retrievable storage; (4) transportation and systems integration; (5) transfers to the general fund of the Treasury to offset certain appropriations made to the Nuclear Regulatory Commission (the Commission); and (6) program management.

Prohibits such authorizations from being used for expenditures relating to: (1) research and development activities regarding disposal of high-level radioactive waste and spent nuclear fuel; (2) implementation of a certain monitored retrievable storage proposals until the Congress specifically authorizes the construction of a monitored retrievable storage facility; or (3) development of surface facilities for packaging, treatment, or storage of spent nuclear fuel other than at the site of a repository or civilian nuclear power reactor.

Directs the Secretary of Energy to transfer from the Nuclear Waste Fund to the Treasury general fund the amounts appropriated to the Commission and certified by such Commission for expenditure in FY 1986 and 1987.

Prescribes guidelines under which the Secretary of Energy shall issue revised standards regarding fee payments for electricity generated by civilian nuclear power reactors and sold before April 7, 1983. Directs the Secretary to amend certain contracts to ensure compliance with such revised standards.

Directs the Secretary to evaluate a range of possible schedules for high-level radioactive waste acceptance and for repository disposal of spent nuclear fuel. Prescribes assessment guidelines for such evaluation. Prohibits the Secretary from obligating amounts from the Nuclear Waste Fund to incorporate nuclear waste acceptance schedules in high-level radioactive waste disposal contracts until: (1) the submission of a comprehensive report of such evaluation has been submitted to the Congress; and (2) a 90-day period of continuous congressional session has expired following the submission of such report.