The Saving Rural Reservoirs Act expands a federal grant program to help fund repairs of aging dams in rural areas. Currently, the Watershed Protection and Flood Prevention Act provides rehabilitation assistance for certain flood prevention structures, but excludes most dams. This bill adds two categories of dams to the eligible list: high hazard potential dams that could cause significant damage if they fail, and earthen dams located in towns with fewer than 5,000 residents. The legislation does not specify funding amounts or implementation timelines, leaving those details to be determined through the existing program administration. The bill aims to help rural communities maintain aging water infrastructure that is reaching the end of its useful life.