To authorize the Secretary of the Interior to enter into contracts for the use of excess storage and conveyance capacity in certain east slope facilities of the Fryingpan-Arkansas Project, Colorado, and to conduct studies for the enlargement of Pueblo Dam and Reservoir and Sugar Loaf Dam and Turquoise Lake, Fryingpan-Arkansas Project, Colorado, and for other purposes.

Authorizes the Secretary of the Interior to conduct storage space studies relating to enlarging Pueblo Dam and Reservoir and Sugar Loaf Dam and Turquoise Lake, Fryingpan-Arkansas Project, Colorado, including a feasibility study and studies for determining the potential costs, benefits, and environmental and recreational impacts and use and operation of such enlargements.

Provides that, before funding is expended for such studies, the Southeastern Colorado Water Activity Enterprise shall agree to participate in the studies and to fund such studies' costs.

Authorizes the Secretary to enter into contracts with public or private entities supplying water within Project boundaries, for the use of excess water storage and conveyance capacity for nonproject water in certain east slope facilities.

Authorizes the Secretary to enter into temporary contracts with any public or private entities operating a water bank for use of facilities for the impounding, storage, and carriage of nonproject water for irrigation, domestic municipal, industrial, and other beneficial purposes.

Requires revenues from such contracts to be credited first to annual operations and maintenance costs, then to repayment of the project, and, once project costs have been repaid, to the Reclamation Fund for use exclusively for financing extraordinary operations and maintenance, rehabilitation, and replacements of project facilities.