Authorizes the Secretary of the Interior to: (1) conduct a feasibility study to determine the most feasible method of meeting the present and future water supply and related storage requirements within the area served by the Fryingpan-Arkansas Project, Colorado, including the potential enlargement of Fryingpan-Arkansas facilities; and (2) enter into contracts with any entity, private or public for the use of excess capacity in such Project for the purpose of diverting, storing, impounding, pumping, exchanging, or conveying nonproject water for irrigation, domestic, municipal and industrial, or any other beneficial purpose; and (3) enter into new and renewal contracts with the City of Aurora, Colorado, or an enterprise of the City, for a specified term, for the use of excess capacity in such Project for the purpose of diverting, storing, impounding, pumping, exchanging, or conveying nonproject water for irrigation, domestic, municipal and industrial, or any other beneficial purpose.