Federal Water Projects Financing Act of 1979

Federal Water Projects Financing Act of 1979 - Requires States to agree in writing to fund the total State financing share of any Federal water resource project involving the Corps of Engineers, the Bureau of Reclamation, or the Tennessee Valley Authority. Sets forth the formula for determining the State's share. Provides for States to receive a share of the net operating revenues from the sale of vendible outputs.

Requires non-Federal entities to agree in writing to pay 20 percent of the costs of flood control projects involving the Corps of Engineers, the Bureau of Reclamation, the Soil Conservation Service, or the Tennessee Valley Authority.

Directs the Chairman of the Water Resources Council to promulgate guidelines for the Federal agencies' rules necessary to implement this Act in order to insure uniformity.

Encourages voluntary State financing of projects authorized prior to enactment of this Act in order to assist Federal authorities in setting priorities. Stipulates that the abovementioned financing requirements be in addition to any other financing requirements.