(2) TERMS.—The terms of a loan guarantee 
provided under this subsection shall be consistent 
with the terms established in this section for a se-
cured loan, except that the rate on the guaranteed 
loan and any prepayment features shall be nego-
tiated between the obligor and the lender, with the 
consent of the Secretary. 
SEC. 217. PROGRAM ADMINISTRATION. 
(a) REQUIREMENT.—The Secretary shall establish a 
uniform system to service the Federal credit instruments 
made available under this subtitle. 
(b) FEES.—The Secretary may collect and spend 
fees, contingent on authority being provided in appropria-
tions Acts, at a level that is sufficient to cover— 
(1) the costs of services of expert firms retained 
pursuant to subsection (d); and 
(2) all or a portion of the costs to the Federal 
Government of servicing the Federal credit instru-
ments provided under this subtitle. 
(c) SERVICER.— 
(1) IN GENERAL.—The Secretary may appoint 
a financial entity to assist the Secretary in servicing 
the Federal credit instruments provided under this 
subtitle. 
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(2) DUTIES.—A servicer appointed under para-
graph (1) shall act as the agent for the Secretary. 
(3) FEE.—A servicer appointed under para-
graph (1) shall receive a servicing fee, subject to ap-
proval by the Secretary. 
(d) ASSISTANCE FROM EXPERTS.—The Secretary 
may retain the services, including counsel, of any organi-
zation or entity with expertise in the field of municipal 
and project finance to assist in the underwriting and serv-
icing of Federal credit instruments provided under this 
subtitle. 
(e) LOAN COORDINATION; INTERAGENCY COOPERA-
TION.—The Secretary— 
(1) shall coordinate implementation of loan 
guarantees under this section with the Administrator 
to avoid duplication and enhance the effectiveness of 
implementation of the State revolving funds estab-
lished under the Federal Water Pollution Control 
Act (33 U.S.C. 1251 et seq.) and the Safe Drinking 
Water Act (42 U.S.C. 300f et seq.); 
(2) shall consult with the Secretary of Agri-
culture before promulgating criteria with respect to 
financial appraisal functions and loan guarantee ad-
ministration for activities carried out under this sub-
title; and 
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(3) may enter into a memorandum of agree-
ment providing for Department of Agriculture finan-
cial appraisal functions and loan guarantee adminis-
tration for activities carried out under this subtitle. 
SEC. 218. STATE AND LOCAL PERMITS. 
The provision of financial assistance for a project 
under this subtitle shall not— 
(1) relieve any recipient of the assistance of any 
obligation to obtain any required State or local per-
mit or approval with respect to the project; 
(2) limit the right of any unit of State or local 
government to approve or regulate any rate of re-
turn on private equity invested in the project; or 
(3) otherwise supersede any State or local law 
(including any regulation) applicable to the construc-
tion or operation of the project. 
SEC. 219. REGULATIONS. 
The Secretary may promulgate such regulations as 
the Secretary determines to be appropriate to carry out 
this subtitle. 
SEC. 220. FUNDING. 
(a) IN GENERAL.—There is authorized to be appro-
priated to the Secretary to carry out this subtitle 
$100,000,000 for each of fiscal years 2015 through 2019, 
to remain available until expended. 
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(b) ADMINISTRATIVE COSTS.—Of the funds made 
available to carry out this subtitle, the Secretary may use 
for the administration of this subtitle not more than 
$2,200,000 for each of fiscal years 2015 through 2019. 
SEC. 221. REPORT TO CONGRESS. 
Not later than 2 years after the date of enactment 
of this Act, and every 2 years thereafter, the Secretary 
shall submit to the Committee on Energy and Natural Re-
sources of the Senate and the Committee on Natural Re-
sources of the House of Representatives a report summa-
rizing the financial performance and on-the-ground out-
comes of the projects that are receiving, or have received, 
assistance under this subtitle, including an assessment of 
whether the objectives of this subtitle are being met. 
Subtitle 
B—Integrated 
Regional 
Water 
Management, 
Reclama-
tion, and Recycling Projects 
SEC. 231. WATER STORAGE PROJECTS. 
(a) AGREEMENTS.—The Secretary may enter into a 
cost-shared financial assistance agreement with any non- 
Federal entity in a Reclamation State or the State of Ha-
waii to carry out the planning, design, and construction 
of any permanent water storage and conveyance facility 
used solely to regulate and maximize the water supply 
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arising from a project that is eligible for assistance under 
this title or any other provision of law— 
(1) to recycle wastewater, impaired surface 
water, and ground water; or 
(2) to use integrated and coordinated water 
management on a watershed or regional scale. 
(b) FINANCIAL ASSISTANCE.—In providing financial 
assistance under this section, the Secretary shall give pri-
ority to storage and conveyance components that— 
(1) ensure the efficient and beneficial use of 
water or reuse of the recycled water; 
(2) make maximum use of natural systems; 
(3) consistent with Secretarial Order No. 3297, 
dated February 22, 2010, support sustainable water 
management practices and the water sustainability 
objectives of 1 or more offices of the Department of 
the Interior or any other Federal agency; 
(4)(A) increase the availability of usable water 
supplies in a watershed or region to benefit people, 
the economy, and the environment; and 
(B) include adaptive measures needed to ad-
dress climate change and future demands; 
(5) where practicable— 
(A) provide flood control or recreation ben-
efits; and 
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