Water Quality Infrastructure Improvement Act of 1992

Water Quality Infrastructure Improvement Act of 1992 - Amends the Federal Water Pollution Control Act to reduce the amounts of certain State contributions required for the receipt of capitalization grants for water pollution control revolving funds for States which are economically distressed. Requires capitalization grant agreements to require States, in providing water pollution control assistance, to give priority to projects which serve economically distressed counties.

Authorizes economically distressed States, for purposes of complying with contribution requirements, to sell obligations to the Federal Financing Bank in the same manner as the Federal Government sells Federal obligations.

Waives interest payments on loans made from revolving funds for recipients serving economically distressed areas. Extends the period for loan repayment to 30 years for such recipients.

Extends the authorization of appropriations for State water pollution control revolving funds through the year 2000.