A bill to provide temporary authorities to the Secretary of the Interior to facilitate emergency actions to mitigate the impacts of the 1976-77 drought.

Directs the Secretary of the Interior: (1) to study opportunities to augment, utilize or conserve water supplies available to Federal reclamation projects and to undertake conservation activities to mitigate damages to such project from the 1976-77 drought period; (2) to purchase water supplies and redistribute such water within Federal reclamation projects; (3) to study and evaluate studies of potential facilities to mitigate the effects of a recurrence of drought and make recommendations to the President and to Congress evaluating such facilities; and (4) to assist financially Federal reclamation project landowners who are without irrigation water supplies to carry out soil conservation measures.

Authorizes the Secretary to defer without penalty the 1977 and 1978 payments of any installment charges owned to the United States on Federal reclamation projects as he deems necessary because of financial hardship caused by extreme drought conditions.

Requires the Secretary to report to Congress by March 1, 1978, on expenditures under this Act.