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