Sec. 2. Water Infrastructure Fund

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There is established in the Treasury of the United States a fund, to be known as the Water Infrastructure and Drought Solutions Fund (referred to in this section as the Fund ), consisting of— such amounts as are deposited in the Fund under subsection (b); and any interest earned on investment of amounts in the Fund under subsection (c)(1)(B). For each of fiscal years 2030 through 2060, the Secretary of the Treasury shall deposit in the Fund $300,000,000 of the revenues that would otherwise be deposited for the fiscal year in the reclamation fund established by the first section of the Act of June 17, 1902 (32 Stat. 388, chapter 1093), of which— $100,000,000 shall be expended by the Secretary of the Interior for new surface or ground water storage projects provided that— expenditures are made for nonreimbursable public benefits under Federal reclamation law (the Act of June 17, 1902 (32 Stat. 388, chapter 1093), and Acts supplemental to and amendatory of that Act); and Federal expenditures account for no more than 50 percent of total costs for any project; $100,000,000 shall be expended by the Secretary of the Interior for water reclamation and reuse projects authorized under title XVI of Public Law 102–575 and section 4009 of Public Law 114–322 ; and $100,000,000 shall be expended by the Secretary of the Interior for WaterSMART grants authorized under the Omnibus Public Lands Management Act of 2009 ( 42 U.S.C. 10364 ).

Amounts deposited in the Fund under this section shall— be made available in accordance with this section, without further appropriation; and be in addition to amounts appropriated for such purposes under any other provision of law. Subject to subsection (b), for each of fiscal years 2030 through 2060, the respective Secretary may expend from the Fund, in accordance with this section, not more than an amount equal to the sum of— the amounts deposited in the Fund that year under subsection (b); and the amount of interest accrued in the Fund for the fiscal year in which the expenditures are made.

The Secretary may expend more in any fiscal year than the amounts described in subsection

(a)if the additional amounts are available in the Fund as a result of a failure of the Secretary to expend all of the amounts available under subsection

(a)in 1 or more prior fiscal years. Any additional amounts referred to in paragraph

(1)shall— accrue interest in accordance with this section; and only be expended for the purposes for which expenditures from the Fund are authorized.

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