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<br />until the Secretary has determined by hydrologic investigation that
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<br />sufficient water to fulfill said contract is reasonably likely to be
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<br />available for use in the State of New Mexico during the term thereof
<br />
<br />under the allocations made in Articles III and XIV of the Upper
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<br />Colorado River Basin Compact, and has submitted such determination to
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<br />the Congress of the United States and the Congress has approved such
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<br />contracts."
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<br />The Act also authorized the Secretary to market water from Navajo Reservoir for
<br />
<br />other municipal and industrial uses in New Mexico if he determines on the basis
<br />
<br />of hydrologic investigation that such water is reasonably likely to be
<br />
<br />available. In December 1963, the Secretary determined that depletions under
<br />
<br />long-term contracts from Navajo Reservoir could reasonably be allowed to rise to
<br />
<br />100,000 acre-feet per annum up to the year 2005.
<br />
<br />In November 1967, that determination was submitted to Congress, and on March 22,
<br />
<br />1968, Senate Joint Resolution 123 (Public Law 90-272) was adopted, authorizing
<br />
<br />three long-term contracts with a total estimated annual depletion of 51,550
<br />
<br />acre-feet. It is now, however, no longer practicable to sell water to meet long
<br />
<br />term demands from the Navajo Reservoir supply under the Secretary of Interior's
<br />
<br />1963 determination. Under that determination, the contract must terminate in
<br />
<br />2005, which leaves less than 22 years for contractors to develop a project and
<br />
<br />recover investments. As an example, water service contract with Utah
<br />
<br />International Inc., (UII) to consumptively use 35,300 acre-feet of water from
<br />
<br />Navajo Reservoir was approved by the Joint. Resolution of March 22, 1968 (Public
<br />
<br />Law 90-272). The investment costs for the project envisioned by UII cannot
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