Directs the Department of Environmental Quality (DEQ) and the Local Government Commission (LGC) with assistance of the Environmental Finance Center at the UNC School of Government, to study the age and condition of the state’s water and sewage infrastructure, long-term needs to repair and replace water and sewage infrastructure, financing needs of failing water and sewer infrastructure, environmental and financial sustainability of local government ownership of water and sewer infrastructure, and how providing water and sewer infrastructure impacts economic development and land use planning in a jurisdiction. Directs DEQ and LGC to report to the Joint Legislative Committee on Local Government on study findings and recommendations and any recommended legislation by March 1, 2022.