To amend the Reclamation Project Act of 1939 to reform irrigation assistance repayments and to require the Secretary of the Interior to redetermine the ability of irrigators to repay construction charges at least every 5 years.

Amends the Reclamation Project Act of 1939 to require that any costs of construction incurred after September 30, 1992, which are allocated to irrigation and beyond the ability of water users to repay, and which may be repaid by revenues from power marketed by the Western Area Power Administration, be repaid within 40 years of the in-service date of the irrigation project, division, or development unit, upon terms no less favorable to the Government than payment in equal annual installments. Specifies that any increase in wholesale power rates charged by reason of such provision may not exceed one mil per kilowatt-hour per year.

Requires the Secretary of the Interior to make determinations of irrigators' ability to pay construction charges allocated to irrigation at least every five years (except where expressly precluded by contract) and to adjust the amount of such charges accordingly. Specifies that each new or renewed contract entered into by the Secretary shall provide for the recomputation of the irrigator's ability to pay and the repayment of any additional charges resulting from prior adjustments.