The bill establishes a local water system funding program in Wyoming, aimed at providing financial assistance to cities, towns, and special districts for improvements to community public water and wastewater systems. The program will be administered by the state loan and investment board, which is tasked with creating an application process, reviewing applications, and conducting annual audits. The board is also required to report to the joint appropriations committee and the joint minerals, business, and economic development interim committee by November 1 each year regarding the financial assistance provided.

Eligible projects for funding include predevelopment costs, planning assistance, local matching funds, and costs related to joining regional water or wastewater systems. To qualify for financial assistance, projects must charge consumer rates in accordance with existing laws and meet specific criteria related to state funding programs. The board is authorized to borrow up to $50 million in any fiscal year to support the program, with provisions for repayment and interest rates. The act will take effect immediately upon completion of the necessary legislative processes.