; (B) California; (C) Colorado; (D) Idaho; (E) Kansas; (F) Montana; (G) Nebraska; (H) Nevada; (I) New Mexico; (J) North Dakota; (K) Oklahoma; (L) Oregon; (M) South Dakota; (N) Texas; (O) Utah; (P) Washington; and (Q) Wyoming. (12) Secretary The term Secretary means the Secretary of the Interior. (13) Secured loan The term secured loan means a direct loan or other debt obligation issued by an obligor and funded by the Secretary in connection with the financing of a project under this Act. (14) Subsidy amount The term subsidy amount means the amount of budget authority sufficient to cover the estimated long-term cost to the Federal Government of a Federal credit instrument, as calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays in accordance with the Federal Credit Reform Act of 1990 ( 2 U.S.C. 661 et seq.). (15) Substantial completion The term substantial completion , with respect to a project, means— (A) the initial operation of a project (after completion of any startup tests), resulting in producing, storage, delivery, receiving, or conserving water; or (B) a comparable event, as determined by the Secretary and specified in the master credit agreement.