Sec. 7. Funding

284 words·~1 min read·/bill/118/s/4998/is/section-7

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Out of any money in the Treasury not otherwise appropriated, the Secretary of the Treasury shall transfer to the Secretary the following amounts for deposit in the following accounts: For deposit in the Navajo Nation Water Rights Settlement Account established under section 6(b)(1), $200,271,000, to remain available until expended, withdrawn, or reverted to the general fund of the Treasury. For deposit in the Navajo Nation Operations and Maintenance Account established under section 6(b)(2), $23,000,000, to remain available until expended, withdrawn, or reverted to the general fund of the Treasury. The amounts 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. The amounts 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 construction cost indices, as determined by the Secretary, including repricing applicable to the types of construction and current industry standards involved. The adjustment process under this subsection shall be repeated for each subsequent amount appropriated until the applicable amount, as adjusted, has been appropriated. The period of indexing adjustment under this subsection for any increment of funding shall start on October 1, 2021, and end on the date on which funds are deposited in the Navajo Trust Fund. Pursuant to the Agreement, the State shall contribute— $3,000,000, as adjusted for inflation pursuant to the Agreement, to the Bluewater Toltec Irrigation District and Acequia Madre del Ojo del Gallo for purposes described in the Agreement; and if applicable, additional funding subject to the provisions of Article 17.12.4 of the Agreement.