This bill aims to achieve a fair, equitable, and final settlement of all water rights claims for Ohkay Owingeh and the United States (as trustee) within the Rio Chama Stream System in New Mexico. It authorizes and ratifies a comprehensive agreement between Ohkay Owingeh, the State of New Mexico, and other parties, directing the Secretary of the Interior to execute the agreement and take necessary actions for its implementation. The Act also seeks to restore the Bosque on Pueblo Land.

A central provision is the establishment of the Ohkay Owingeh Water Rights Settlement Trust Fund, which will receive a mandatory federal appropriation of $745,000,000, subject to cost adjustments. This fund is designated for critical purposes, including planning and constructing water production, treatment, and delivery infrastructure, supporting irrigation and agriculture, and funding watershed and endangered species habitat protection, particularly for bosque restoration and improvement projects.

The bill also outlines significant contributions from the State of New Mexico, totaling over $130 million. These state funds are allocated for improvements to signatory acequias, water system projects for the City of Espanola, and mitigation of impairment to non-Pueblo domestic and livestock groundwater rights resulting from new Pueblo water use.

In exchange for the settlement benefits, Ohkay Owingeh and the United States, acting as trustee, will execute comprehensive waivers and releases of past water rights claims within the Rio Chama Stream System. These waivers cover claims asserted or assertable before the settlement's enforceability date, including those for damages, losses, or injuries to water rights or land resulting from such issues.

However, the bill explicitly reserves certain rights and claims for Ohkay Owingeh and the United States. These retained rights include the enforcement of water rights recognized under the agreement, claims related to water quality, and the right to use and protect water rights acquired after the Act's enactment.

The settlement's effectiveness hinges on an Enforceability Date, triggered when specific conditions are met, including the amendment and execution of the agreement, court approval, full federal funding deposit, and the State's provision of its required contributions and legislative changes. Crucially, the Act mandates compliance with federal environmental laws, such as the Endangered Species Act and the National Environmental Policy Act, during implementation. If the Enforceability Date is not reached by July 1, 2038, or an agreed-upon alternative date, the Act will expire, rendering all waivers and authorizations void and requiring the return of unexpended federal funds.