A bill to amend the Internal Revenue Code of 1954 to facilitate tax exempt financing of public water resource projects and to allow advanced refundings of obligations issued to finance public airports, docks and wharves.

Amends the Internal Revenue Code to permit the issuance of tax-exempt bonds to finance facilities for the furnishing of water (including water used to furnish electric energy). Permits advance refundings of revenue bonds that are issued for public airports, wharves, and docks.