To authorize the Secretary of the Interior to engage in studies relating to enlarging 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 study storage space issues relating to enlarging Pueblo Dam and Reservoir and Sugar Loaf Dam and Turquoise Lake, Fryingpan-Arkansas Project, Colorado, including feasibility, potential costs, benefits, environmental and recreational impacts, and use and operation.

Requires the Southeastern Colorado Water Activity Enterprise to participate in and fund such studies.

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, subject to existing needs, purposes, and capacities..

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

Allocates contract revenues 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.

Exempts nonproject water under contract from acreage limitations and prohibits the use of excess water storage capacity to increase diversion of nonproject water, as specified.

Authorizes the Secretary to: (1) enter or renew contracts with the City of Aurora for specified terms for use of extra storage or carrying capacity for the impounding, storage, and carriage of nonproject water for domestic, municipal, industrial, and other beneficial purposes; and (2) enter into contracts with the Pueblo West Metropolitan District for the use of extra water storage and conveyance capacity for nonproject water in certain east slope facilities, use of extra storage or carrying capacity, and the impounding, storage, and carriage of nonproject water for domestic, municipal, industrial, and other beneficial purposes.