Authorizes bonds, with proceeds to include $600M for water supply projects, including for improvements to meet safe drinking water standards and ensure affordable drinking water and upgrading projects for at-risk rural and small community water systems; preference shall to projects that provide treatment for contamination or access to an alternative drinking water source for small community water systems or state small water systems in disadvantaged communities whose drinking water is impaired by chemical or other hazards; requires approximately 5% of funds “be allocated for projects serving that provide meaningful and direct benefits to severely disadvantaged communities. communities or extremely low income households.