LAKE ELSINORE, CALIFORNIA.

SEC. 306. LAKE ELSINORE, CALIFORNIA.(a) Maximum Federal Expenditure.—The maximum amount of Federal funds that may be expended for the project for flood control, Lake Elsinore, Riverside County, California, shall be $7,500,000. (b) Revision of Project Cooperation Agreement.—The Secretary shall revise the project cooperation agreement for the project referred to in subsection (a) to take into account the change in the Federal participation in such project pursuant to subsection (a). (c) Cost Sharing.—Nothing in this section shall be construed to affect any cost-sharing requirement applicable to the project referred to in subsection (a) under the Water Resources Development Act of 1986. (d) Study.—Not later than 18 months after the date of the enactment of this Act, the Secretary shall— (1) conduct a study of the advisability of modifying, for the purpose of flood control pursuant to section 205 of the Flood Control Act of 1948 (33 U.S.C. 701s), the project for flood control, Lake Elsinore, Riverside County, California, to permit water conservation storage up to an elevation of 1,249 feet above mean sea level; and (2) report to Congress on the study, including making recommendations concerning the advisability of so modifying the project.