To direct the Secretary of the Interior to convey certain water distribution facilities to the Northern Colorado Water Conservancy District.

(This measure has not been amended since it was passed by the House on December 13, 2005. The summary of that version is repeated here.)

Directs the Secretary of the Interior (the Secretary) to convey the St. Vrain Supply Canal, the Boulder Creek Supply Canal that extends from the St. Vrain River to Boulder Creek, and the South Platte Supply Canal, all of which are facilities of the Colorado-Big Thompson Project located in the counties of Larimer, Boulder, and Weld, Colorado, to the Northern Colorado Water Conservancy District.

Provides that the District shall not be required to provide additional consideration for this conveyance. Directs the Western Area Power Administration to continue to include the unpaid portion of the transferred facilities in its annual power repayment studies for the Loveland Area Projects until such facilities are repaid in accordance with the laws and policies regarding repayment of investment in effect on the date of this Act's enactment.

Exempts the United States from liability for damages arising from prior ownership or operation of the transferred facilities. Provides that any actions or activities undertaken by the Secretary under this Act shall not affect or create any additional burdens or obligations on the New Consolidated Lower Boulder Reservoir and Ditch Company or the New Coal Ridge Ditch Company in the full exercise of their water rights, their real property rights, or their rights to utilize facilities affected.

Directs the Secretary, if the facilities have not been conveyed to the District within one year of this Act's enactment, to report to to the Senate Committee on Energy and Natural Resources and the House Committee on Resources, annually, on the reasons for the failure to convey such facilities and the schedule for completing the transfer.