Sec. 4. Financing and funding of watershed pilots
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In carrying out a watershed pilot, the Secretary shall enter into a pay-for-performance contract to achieve outcome-based goals described in the plan developed for the watershed pilot. The Secretary shall modify, expand, or streamline eligibility and verification criteria for existing Federal financial sources to maximize flexibility, speed, and use of Federal funds in the most effective manner to achieve outcomes under the watershed pilot. The Secretary shall establish an Environmental Outcomes Fund.
Amounts in the Fund shall only be expended on pay-for-performance contracts under a watershed pilot. Amounts in the Fund shall be expended in accordance with— this Act, including the plan developed for the applicable watershed pilot; and criteria established by the Secretary and the management team for the applicable watershed pilot, which shall include criteria for— eligibility of qualifying projects; types of qualifying projects; the timing of the disbursement of funds; and such other matters as the Secretary and the management team determine to be appropriate.
Out of any funds in the Treasury not otherwise appropriated, on October 1, 2022, and on each October 1 thereafter through October 1, 2027, the Secretary of the Treasury shall transfer to the Secretary from the reclamation fund established by the first section of the Act of June 17, 1902 (32 Stat. 388, chapter 1093; 43 U.S.C. 391 ), $15,000,000 to be deposited in the Fund. The Secretary shall be entitled to receive, shall accept, and shall deposit into the Fund for use in accordance with this subsection the funds transferred under subparagraph (A), without further appropriation.
If a watershed pilot is established as a permanent program, the Secretary may submit to Congress recommendations for modifications to funding levels and a permanent authorization of funding for the permanent program. Any otherwise applicable cost-share requirements for existing Federal financial sources, including under section 212(a)(1) of the Public Lands Corps Act of 1993 ( 16 U.S.C. 1729(a)(1) ), shall be waived for watershed pilots carried out using amounts made available under this Act.
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