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I can’t find an actual monetary , but on reading the ‘law’ $400 is chickenfeed.
Here are some findings...I wanted to highlight several passages but if I do I have to HTML everything, so read carefully.
The gist is the feds are supposed to pay 40% of the education expense of spec. ed kids. They are paying around 12-15%.
Also ADHD can be classified as a ‘disability’ under ‘other’, qualifying it for IEP.

These are all excerpts with the source listed if you want to do more investigation.

From Wikipedia……

• Unfunded mandate. When passed, federal government was supposed to pay for 40% of the cost of educating students with disabilities. However, Congress has yet to provide all of this 40%. As of 2007, the federal government pays for about 12% of special education costs.[citation needed]
• Overidentification of minorities. Overidentified in learning disabilities, MR, etc.

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http://thomas.loc.gov/cgi-bin/query/F?c108:1:./temp/~c108v2kDPi:e51425:
….H.R.1350
Individuals with Disabilities Education Improvement Act of 2004 (Enrolled as Agreed to or Passed by Both House and Senate)

`SEC. 611. AUTHORIZATION; ALLOTMENT; USE OF FUNDS; AUTHORIZATION OF APPROPRIATIONS.
`(a) GRANTS TO STATES-
`(1) PURPOSE OF GRANTS- The Secretary shall make grants to States, outlying areas, and freely associated States, and provide funds to the Secretary of the Interior, to assist them to provide special education and related services to children with disabilities in accordance with this part.
`(2) MAXIMUM AMOUNT- The maximum amount of the grant a State may receive under this section—
`(A) for fiscal years 2005 and 2006 is—
`(i) the number of children with disabilities in the State who are receiving special education and related services—
`(I) aged 3 through 5 if the State is eligible for a grant under section 619; and
`(II) aged 6 through 21; multiplied by
`(ii) 40 percent of the average per-pupil expenditure in public elementary schools and secondary schools in the United States; and
`(B) for fiscal year 2007 and subsequent fiscal years is—
`(i) the number of children with disabilities in the 2004-2005 school year in the State who received special education and related services—
`(I) aged 3 through 5 if the State is eligible for a grant under section 619; and
`(II) aged 6 through 21; multiplied by
`(ii) 40 percent of the average per-pupil expenditure in public elementary schools and secondary schools in the United States; adjusted by
`(iii) the rate of annual change in the sum of—
`(I) 85 percent of such State’s population described in subsection (d)(3)(A)(i)(II); and
`(II) 15 percent of such State’s population described in subsection (d)(3)(A)(i)(III).
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http://www.ldanatl.org/aboutld/teachers/understanding/adhd.asp

For Teachers >
Attention Deficit Disorder/Attention Deficit Hyperactivity Disorder (ADD/ADHD)

Attention Deficit Hyperactivity Disorder is a condition that becomes apparent in some children in the preschool and early school years. It is hard for these children to control their behavior and/or pay attention. It is estimated that between 3 and 5 percent of children have attention deficit hyperactivity disorder (ADHD), or approximately 2 million children in the United States. This means that in a classroom of 24 to 30 children, it is likely that at least one will have ADHD.
ADHD is not considered to be a learning disability. It can be determined to be a disability under the Individuals with Disabilities Education Act (IDEA), making a student eligible to receive special education services. However, ADHD falls under the category “Other Health Impaired” and not under “Specific Learning Disabilities.”
Many children with ADHD – approximately 20 to 30 percent – also have a specific learning disability…………….

You've posted what I knew already. The Fed pays 12% of the promised 40% of educating a child with disabilities. That comes to about 8% of the total bill for each child. Since it costs extra to educate every child with an IEP (some more than others) it would be poor financial management to push a bunch of kids into IEP's so that the local schools can pick up 92% of the extra bill and the Feds pick up 8%.

From your post.... It (ADH/D) can be determined to be a disability under the Individuals with Disabilities Education Act (IDEA), making a student eligible to receive special education services. ...and there's the rub. A diagnosis of ADHD can lead to an IEP, but it does not necessarily lead to an IEP. In fact, in the majority of cases it does not. To have an IEP, the evidence must show that a child cannot access the general education without accommodations either in the form of a resource class or mainstream modifications. For those children whose symptoms can be controlled with medication, there is no doubt that they can access the general curriculum, therefore, they do not need or receive an IEP, and the schools incur no extra expense. What I've seen happen is that a child has such severe symptoms they fall 2-3-4 years behind and need resource classes to catch up. By the time these kids are in high school, it is quite common to drop the IEP. Learning disabled children do not drop the IEP's as quickly as they are dealing with a more complicated problem.

So schools do not receive money for every child on an ADH/D medication, they receive money for every child with an IEP.

The article is also correct that children with ADH/D only, (no learning disabilities) are found eligible with an IEP and a label of OHI - other health impaired.

But taking your orginal statement The local school ... collects around $400 from the fed. gov. for each kid on these drugs... that is not proven by what you have posted here. To be fair, I knew you could not prove that statement. I've taught special education for a very long time and I also serve as a special education advocate for parents taking a school system to due process and know the law better than the average bear. But a great try and hopefully you found out information you didn't know earlier.