National Water Resources Policy and Development Act of 1981

National Water Resources Policy and Development Act of 1981 - Title I: Directs States to review periodically their water resources needs. Authorizes the States to request the Water Resources Council for detailed studies of specific water resources needs. Directs States to submit annually to the Council a list of authorized studies which have not been completed and which are necessary to meet identified water resources needs. Authorizes the appropriate Federal water resources agency to make detailed evaluations of specific water resources needs upon referral by the Council. Directs that the State or other non-Federal body must agree to pay 25 percent of the costs of the study before any study may be initiated. Provides for State employees to work in coordination with the appropriate agency.

Requires such studies to be completed within three years, to the extent practicable and reasonable.

Directs the Council to allocate expenditures among the States according to a specified formula.

Authorizes appropriations.

Directs States to develop and submit to the Council annually a priority list of water resource needs and projects. Declares that such lists will be deemed approved after 60 days unless the Council finds that such list was developed without adequate public participation.

Directs the Council to publish in the Federal Register a summary of the projects in such report. Declares such projects: (1) authorized for implementation; (2) eligible for inclusion on a State's priority list; and (3) eligible for specified funding under this Act, ninety days after such publication. Specifies that if a Governor affected by such project objects to the Council within 90 days, then such project must be authorized by Congress.

Sets forth procedures for approving a project not recommended for implementation by a Federal water resources agency.

Requires the States or other non-Federal bodies to agree to pay specified percentages of the costs of construction and operation of such projects.

Requires any revenues from such projects to be shared between the non-Federal interests and the participating Federal agencies based on their percentage contribution to the project.

Permits any project that provides for municipal and industrial water supply to be implemented by the appropriate non-Federal interest in consultation with the Corps of Engineers.

Terminates projects authorized prior to this Act if: (1) construction has not begun within five years of enactment of this Act; and (2) the project is not on a State's priority list.

Authorizes the Council to study regional water resources projects that have national significance and priority. Directs the Council to select up to ten of such projects from among projects authorized prior to enactment of this Act which shall be eligible for direct funding by Congress without regard to specific limitations in this Act. Specifies that such projects, if authorized specifically by Congress, shall be constructed at full Federal cost.

Permits the use of the Inland Waterways Trust Fund to pay the non-Federal contribution for commercial inland navigation projects.

Requires the Council to report to Congress concerning: (1) national priorities for water resources management through the year 2000; (2) State needs for water resources projects; (3) the best ways to maximize the efficient use of water supplies from existing Federal projects; and (4) cost-sharing mechanisms for water resources projects.

Title II: Amends the Water Resources Planning Act to provide for an independent Water Resources Council. Revises the composition of such Council to include experts in water resources development.

Establishes a State Advisory Committee to analyze water resources problems.