Authorizes the Redwood Valley County Water District, California, to enter into additional non-federal obligations necessary to finance procurement of dedicated water rights and needed improvements if the Secretary of the Interior and the District, as of January 1, 2006, have not renegotiated the schedule of payments for loans made by the United States to the District.
Requires: (1) the Secretary to reschedule the payments due under specified loans; (2) such payments to commence when such additional obligations have been financially satisfied by the District; and (3) the date of the initial payment by the District to the United States to be regarded as the start of the repayment period and the time upon which any interest shall first be computed and assessed under the Small Reclamation Projects Act of 1956.