Water Resource Study Act of 2001

Water Resource Study Act of 2001 - Directs the Secretary of the Army, acting through the Chief of Engineers, to provide assistance to the State of Tennessee to conduct studies on emerging water supply needs as described under this Act.

Requires, as a condition of receiving such assistance, the State to: (1) select a geographic area within the State having consistent, emerging, water supply needs; and (2) conduct a study on such needs.

Requires that such a study conducted under this Act: (1) identify Federal and State resources, assistance programs, regulations, and sources of funding for water supply development and management that are applicable to the geographic areas selected; (2) identify potential weaknesses, redundancies, and contradictions; and (3) conduct a water resource inventory in the geographic study area to determine specified considerations and conditions with respect to such area's water supply needs.

Requires the Corps of Engineers, for each study, to: (1) be the lead Federal agency; and (2) consult with the State for guidance in the development of the study. Provides for: (1) participation by the U.S. Geological Survey and the Tennessee Valley Authority in the study; and (2) selection by the State of additional entities to participate in such study. Permits the University of Tennessee to elect to participate in such study.