Lower Rio Grande Valley Water Resources Conservation and Improvement Act of 2001

Lower Rio Grande Valley Water Resources Conservation and Improvement Act of 2001 - Amends the Lower Rio Grande Valley Water Resources Conservation and Improvement Act of 2000 to: (1) authorize the construction of additional specified projects in Texas; (2) require the Secretary of the Interior, acting through the Commissioner of Reclamation, to carry out the Lower Rio Grande Water Conservation and Improvement Program through cooperative agreements; (3) require the Secretary to review and evaluate project proposals in accordance with the guidelines described in a specified Bureau of Reclamation document; (4) require the Secretary to determine that a non-Federal project sponsor is financially capable of funding the non-Federal share of the project's costs, including operation, maintenance, repair, and replacement, and whether the project meets the guidelines; (5) permit project sponsors to enter into at least one contract with the Secretary under which the Secretary shall prepare the reports required under the Act (at a Federal cost share not to exceed 50 percent); (6) increase the authorization of appropriations for carrying out the Program; and (7) limit the non-Federal share of the total cost of any project carried out under or with assistance provided under the Act to 50 percent.