The bill authorizes the appropriation of funds for various water development projects in Wyoming, specifically focusing on Level I reconnaissance studies and Level II feasibility studies. It allocates a total of $534,998 from water development account I for new development studies, including the Hulett Water Master Plan and the UW Water Research Program. Additionally, it appropriates $980,000 from water development account II for rehabilitation studies, such as the Pioneer Canal and Smiths Fork Irrigation District Master Plans. The bill also includes $551,000 from water development account III for a feasibility study on the Middle Popo Agie River Storage.

The bill stipulates that any unexpended or unobligated funds prior to July 1, 2028, will revert back to their respective water development accounts. Furthermore, it requires the water development commission to submit reports to the legislature on each study before the 2027 legislative session. The act is set to take effect immediately upon completion of all necessary legislative procedures.