LIMITATION ON CONTRACT EXECUTION.

SEC. 1122. LIMITATION ON CONTRACT EXECUTION. (a) Limitation.—For any new covered contract entered into during the period beginning on the date of enactment of this Act and ending on December 31, 2020, any local governmental entity that is a party to a covered contract entered into before such period shall be required to pay not more than 110 percent of the contractual rate per acre-foot in effect under the most recent such covered contract. (b) Covered Contract.—In this section, the term “covered contract” means a contract between a local governmental entity and the Secretary for water supply storage in a nonhydropower lake within the Verdigris River Basin.