Reclamation Adjustment Act

Reclamation Adjustment Act - Increases the maximum acreage of land from 160 acres to 1,920 acres of class one land or the equivalent in lands of lesser productive potential which may be held by any one individual or entity eligible to receive irrigation water under the Federal reclamation law. Sets the maximum acreage of reclamation land which an individual may own at 640 acres. Restricts such landholding to farmers as such term is described in this Act. Includes in such term only individuals and their spouses.

Abolishes the requirement that a farmer must be a resident on or near a landholding in order for such landholding to be eligible to receive water.

Restricts the sale of irrigable lands by placing conditions on the transfer of irrigation rights with such sales.

Directs the Secretary of the Interior to stipulate in any water service contract or contract for the repayment of project costs that the rates and assessments to be paid by the contracting entity shall be renegotiated every five years.