Funding

(a) Mandatory appropriations Out of any funds in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer to the Secretary for deposit in the Trust Fund $745,000,000, to remain available until expended, withdrawn, or reverted to the general fund of the Treasury. (b) Fluctuation in costs (1) In general The amount appropriated under subsection (a) shall be increased or decreased, as appropriate, by such amounts as may be justified by reason of ordinary fluctuations in costs, as indicated by the Bureau of Reclamation Construction Cost Index–Composite Trend. (2) Construction costs adjustment The amount appropriated under subsection (a) shall be adjusted to address construction cost changes necessary to account for unforeseen market volatility that may not otherwise be captured by engineering cost indices, as determined by the Secretary, including repricing applicable to the types of construction and current industry standards involved. (3) Repetition The adjustment process under this subsection shall be repeated for each subsequent amount appropriated until the applicable amount, as adjusted, has been appropriated. (4) Period of indexing The period of indexing adjustment under this subsection for any increment of funding shall start on June 1, 2023, and end on the date on which the funds are deposited in the Trust Fund. (c) State cost share Pursuant to the Agreement, the State shall contribute— (1) $98,500,000, as adjusted for inflation pursuant to the Agreement, for Signatory Acequias ditch improvements, projects, and other purposes described in the Agreement; (2) $32,000,000, as adjusted for inflation pursuant to the Agreement, for the City of Española for water system improvement projects; and (3) $500,000, to be deposited in an interest-bearing account, to mitigate impairment to non-Pueblo domestic and livestock groundwater rights as a result of new Pueblo water use.