To allow for the renegotiation of the payment schedule of contracts between the Secretary of the Interior and the Redwood Valley County Water District, and for other purposes.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Authorizes the Redwood Valley County Water District, California, to enter into additional non-federal obligations necessary to finance procurement of dedicated water rights and improvements needed to store and convey those rights, 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 renegotiated schedule of payments to commence when such additional obligations have been financially satisfied by the District; and (2) 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. Repeals the prohibition against charging interest on any loan payment due but not paid before the renegotiated schedule of payments takes effect.