LIMITATION ON CONTRACT EXECUTION IN THE ARKANSAS RIVER BASIN.

SEC. 348. LIMITATION ON CONTRACT EXECUTION IN THE ARKANSAS RIVER BASIN. (a) Definition of Covered Contract.—In this section, the term “covered contract” means a contract between any local governmental entity and the Secretary for water supply storage in a Federal or non-Federal hydropower lake within the Arkansas River Basin. (b) Limitation.—For any new covered contract for a hydropower lake that is entered into during the period beginning on the date of enactment of this Act and ending on December 31, 2022, a local governmental entity shall not pay more than 110 percent of the initial principal cost for the acre-feet being sought for the new covered contract for that hydropower lake.