Title: Bridge Investment Act of 2021
Policy area: Transportation and Public Works

Summary:
Bridge Investment Act of 2021
This bill establishes a bridge investment program to award competitive grants to certain governmental entities for projects that improve (1) the condition of bridges; and (2) the safety, efficiency, and reliability of the movement of people and freight over bridges.
Among other things, the bill

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1817 Introduced in Senate (IS)]

<DOC>






117th CONGRESS
  1st Session
                                S. 1817

To amend title 23, United States Code, to establish a competitive grant 
program to repair, improve, rehabilitate, or replace bridges to improve 
 the safety, efficiency, and reliability of the movement of people and 
         freight over bridge crossings, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 25, 2021

  Mr. Brown (for himself, Mr. Inhofe, Mr. Whitehouse, Mr. Wicker, Mr. 
Wyden, Mr. Portman, Mr. Van Hollen, Mr. Boozman, Mr. Markey, Mrs. Hyde-
     Smith, Ms. Stabenow, Mr. Hagerty, Mrs. Murray, and Mr. Casey) 
introduced the following bill; which was read twice and referred to the 
               Committee on Environment and Public Works

_______________________________________________________________________

                                 A BILL


 
To amend title 23, United States Code, to establish a competitive grant 
program to repair, improve, rehabilitate, or replace bridges to improve 
 the safety, efficiency, and reliability of the movement of people and 
         freight over bridge crossings, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bridge Investment Act of 2021''.

SEC. 2. BRIDGE INVESTMENT PROGRAM.

    (a) In General.--Chapter 1 of title 23, United States Code, is 
amended by inserting after section 123 the following:
``Sec. 124. Bridge investment program
    ``(a) Definitions.--In this section:
            ``(1) Eligible project.--
                    ``(A) In general.--The term `eligible project' 
                means a project to replace, rehabilitate, preserve, or 
                protect 1 or more bridges on the National Bridge 
                Inventory under section 144(b).
                    ``(B) Inclusions.--The term `eligible project' 
                includes--
                            ``(i) a bundle of projects described in 
                        subparagraph (A), regardless of whether the 
                        bundle of projects meets the requirements of 
                        section 144(j)(5); and
                            ``(ii) a project to replace or rehabilitate 
                        culverts for the purpose of improving flood 
                        control and improved habitat connectivity for 
                        aquatic species.
            ``(2) Large project.--The term `large project' means an 
        eligible project with total eligible project costs of greater 
        than $100,000,000.
            ``(3) Program.--The term `program' means the bridge 
        investment program established by subsection (b)(1).
    ``(b) Establishment of Bridge Investment Program.--
            ``(1) In general.--There is established a bridge investment 
        program to provide financial assistance for eligible projects 
        under this section.
            ``(2) Goals.--The goals of the program shall be--
                    ``(A) to improve the safety, efficiency, and 
                reliability of the movement of people and freight over 
                bridges;
                    ``(B) to improve the condition of bridges in the 
                United States by reducing--
                            ``(i) the number of bridges--
                                    ``(I) in poor condition; or
                                    ``(II) in fair condition and at 
                                risk of falling into poor condition 
                                within the next 3 years;
                            ``(ii) the total person miles traveled over 
                        bridges--
                                    ``(I) in poor condition; or
                                    ``(II) in fair condition and at 
                                risk of falling into poor condition 
                                within the next 3 years;
                            ``(iii) the number of bridges that--
                                    ``(I) do not meet current geometric 
                                design standards; or
                                    ``(II) cannot meet the load and 
                                traffic requirements typical of the 
                                regional transportation network; and
                            ``(iv) the total person miles traveled over 
                        bridges that--
                                    ``(I) do not meet current geometric 
                                design standards; or
                                    ``(II) cannot meet the load and 
                                traffic requirements typical of the 
                                regional transportation network; and
                    ``(C) to provide financial assistance that 
                leverages and encourages non-Federal contributions from 
                sponsors and stakeholders involved in the planning, 
                design, and construction of eligible projects.
    ``(c) Grant Authority.--
            ``(1) In general.--In carrying out the program, the 
        Secretary may award grants, on a competitive basis, in 
        accordance with this section.
            ``(2) Grant amounts.--Except as otherwise provided, a grant 
        under the program shall be--
                    ``(A) in the case of a large project, in an amount 
                that is--
                            ``(i) adequate to fully fund the project 
                        (in combination with other financial resources 
                        identified in the application); and
                            ``(ii) not less than $50,000,000; and
                    ``(B) in the case of any other eligible project, in 
                an amount that is--
                            ``(i) adequate to fully fund the project 
                        (in combination with other financial resources 
                        identified in the application); and
                            ``(ii) not less than $2,500,000.
            ``(3) Maximum amount.--Except as otherwise provided, for an 
        eligible project receiving assistance under the program, the 
        amount of assistance provided by the Secretary under this 
        section, as a share of eligible project costs, shall be--
                    ``(A) in the case of a large project, not more than 
                50 percent; and
                    ``(B) in the case of any other eligible project, 
                not more than 80 percent.
            ``(4) Federal share.--
                    ``(A) Maximum federal involvement.--Federal 
                assistance other than a grant under the program may be 
                used to satisfy the non-Federal share of the cost of a 
                project for which a grant is made, except that the 
                total Federal assistance provided for a project 
                receiving a grant under the program may not exceed the 
                Federal share for the project under section 120.
                    ``(B) Off-system bridges.--In the case of an 
                eligible project for an off-system bridge (as defined 
                in section 133(f)(1))--
                            ``(i) Federal assistance other than a grant 
                        under the program may be used to satisfy the 
                        non-Federal share of the cost of a project; and
                            ``(ii) notwithstanding subparagraph (A), 
                        the total Federal assistance provided for the 
                        project shall not exceed 90 percent of the 
                        total eligible project costs.
                    ``(C) Federal land management agencies and tribal 
                governments.--Notwithstanding any other provision of 
                law, Federal funds other than Federal funds made 
                available under this section may be used to pay the 
                remaining share of the cost of a project under the 
                program by a Federal land management agency or a Tribal 
                government or consortium of Tribal governments.
            ``(5) Considerations.--
                    ``(A) In general.--In awarding grants under the 
                program, the Secretary shall consider--
                            ``(i) in the case of a large project, the 
                        ratings assigned under subsection (g)(5)(A);
                            ``(ii) in the case of an eligible project 
                        other than a large project, the quality rating 
                        assigned under subsection (f)(3)(A)(ii);
                            ``(iii) the average daily person and 
                        freight throughput supported by the eligible 
                        project;
                            ``(iv) the number and percentage of bridges 
                        within the same State as the eligible project 
                        that are in poor condition;
                            ``(v) the extent to which the eligible 
                        project demonstrates cost savings by bundling 
                        multiple bridge projects;
                            ``(vi) in the case of an eligible project 
                        of a Federal land management agency, the extent 
                        to which the grant would reduce a Federal 
                        liability or Federal infrastructure maintenance 
                        backlog;
                            ``(vii) geographic diversity among grant 
                        recipients, including the need for a balance 
                        between the needs of rural and urban 
                        communities; and
                            ``(viii) the extent to which a bridge that 
                        would be assisted with a grant--
                                    ``(I) is, without that assistance--
                                            ``(aa) at risk of falling 
                                        into or remaining in poor 
                                        condition; or
                                            ``(bb) in fair condition 
                                        and at risk of falling into 
                                        poor condition within the next 
                                        3 years;
                                    ``(II) does not meet current 
                                geometric design standards based on--
                                            ``(aa) the current use of 
                                        the bridge; or
                                            ``(bb) load and traffic 
                                        requirements typical of the 
                                        regional corridor or local 
                                        network in which the bridge is 
                                        located; or
                                    ``(III) does not meet current 
                                seismic design standards.
                    ``(B) Requirement.--The Secretary shall--
                            ``(i) give priority to an application for 
                        an eligible project that is located within a 
                        State for which--
                                    ``(I) 2 or more applications for 
                                eligible projects within the State were 
                                submitted for the current fiscal year 
                                and an average of 2 or more 
                                applications for eligible projects 
                                within the State were submitted in 
                                prior fiscal years of the program; and
                                    ``(II) fewer than 2 grants have 
                                been awarded for eligible projects 
                                within the State under the program;
                            ``(ii) during the period of fiscal years 
                        2022 through 2026, for each State described in 
                        clause (i), select--
                                    ``(I) not fewer than 1 large 
                                project that the Secretary determines 
                                is justified under the evaluation under 
                                subsection (g)(4); or
                                    ``(II) 2 eligible projects that are 
                                not large projects that the Secretary 
                                determines are justified under the 
                                evaluation under subsection (f)(3); and
                            ``(iii) not be required to award a grant 
                        for an eligible project that the Secretary does 
                        not determine is justified under an evaluation 
                        under subsection (f)(3) or (g)(4).
            ``(6) Culvert limitation.--Not more than 5 percent of the 
        amounts made available for each fiscal year for grants under 
        the program may be used for eligible projects that consist 
        solely of culvert replacement or rehabilitation.
    ``(d) Eligible Entity.--The Secretary may make a grant under the 
program to any of the following:
            ``(1) A State or a group of States.
            ``(2) A metropolitan planning organization that serves an 
        urbanized area (as designated by the Bureau of the Census) with 
        a population of over 200,000.
            ``(3) A unit of local government or a group of local 
        governments.
            ``(4) A political subdivision of a State or local 
        government.
            ``(5) A special purpose district or public authority with a 
        transportation function.
            ``(6) A Federal land management agency.
            ``(7) A Tribal government or a consortium of Tribal 
        governments.
            ``(8) A multistate or multijurisdictional group of entities 
        described in paragraphs (1) through (7).
    ``(e) Eligible Project Requirements.--The Secretary may make a 
grant under the program only to an eligible entity for an eligible 
project that--
            ``(1) in the case of a large project, the Secretary 
        recommends for funding in the annual report on funding 
        recommendations under subsection (g)(6);
            ``(2) is reasonably expected to begin construction not 
        later than 18 months after the date on which funds are 
        obligated for the project; and
            ``(3) is based on the results of preliminary engineering.
    ``(f) Competitive Process and Evaluation of Eligible Projects Other 
Than Large Projects.--
            ``(1) Competitive process.--
                    ``(A) In general.--The Secretary shall--
                            ``(i) for the first fiscal year for which 
                        funds are made available for obligation under 
                        the program, not later than 60 days after the 
                        date on which the template under subparagraph 
                        (B)(i) is developed, and in subsequent fiscal 
                        years, not later than 60 days after the date on 
                        which amounts are made available for obligation 
                        under the program, solicit grant applications 
                        for eligible projects other than large 
                        projects; and
                            ``(ii) not later than 120 days after the 
                        date on which the solicitation under clause (i) 
                        expires, conduct evaluations under paragraph 
                        (3).
                    ``(B) Requirements.--In carrying out subparagraph 
                (A), the Secretary shall--
                            ``(i) develop a template for applicants to 
                        use to summarize project needs and benefits, 
                        including benefits described in paragraph 
                        (3)(B)(i); and
                            ``(ii) enable applicants to use data from 
                        the National Bridge Inventory under section 
                        144(b) to populate templates described in 
                        clause (i), as applicable.
            ``(2) Applications.--An eligible entity shall submit to the 
        Secretary an application at such time, in such manner, and 
        containing such information as the Secretary may require.
            ``(3) Evaluation.--
                    ``(A) In general.--Prior to providing a grant under 
                this subsection, the Secretary shall--
                            ``(i) conduct an evaluation of each 
                        eligible project for which an application is 
                        received under this subsection; and
                            ``(ii) assign a quality rating to the 
                        eligible project on the basis of the evaluation 
                        under clause (i).
                    ``(B) Requirements.--In carrying out an evaluation 
                under subparagraph (A), the Secretary shall--
                            ``(i) consider information on project 
                        benefits submitted by the applicant using the 
                        template developed under paragraph (1)(B)(i), 
                        including whether the project will generate, as 
                        determined by the Secretary--
                                    ``(I) costs avoided by the 
                                prevention of closure or reduced use of 
                                the bridge to be improved by the 
                                project;
                                    ``(II) in the case of a bundle of 
                                projects, benefits from executing the 
                                projects as a bundle compared to as 
                                individual projects;
                                    ``(III) safety benefits, including 
                                the reduction of accidents and related 
                                costs;
                                    ``(IV) person and freight mobility 
                                benefits, including congestion 
                                reduction and reliability improvements;
                                    ``(V) national or regional economic 
                                benefits;
                                    ``(VI) benefits from long-term 
                                resiliency to extreme weather events, 
                                flooding, or other natural disasters;
                                    ``(VII) benefits from protection 
                                (as described in section 133(b)(9)), 
                                including improving seismic or scour 
                                protection;
                                    ``(VIII) environmental benefits, 
                                including wildlife connectivity;
                                    ``(IX) benefits to nonvehicular and 
                                public transportation users;
                                    ``(X) benefits of using--
                                            ``(aa) innovative design 
                                        and construction techniques; or
                                            ``(bb) innovative 
                                        technologies; or
                                    ``(XI) reductions in maintenance 
                                costs, including, in the case of a 
                                federally-owned bridge, cost savings to 
                                the Federal budget; and
                            ``(ii) consider whether and the extent to 
                        which the benefits, including the benefits 
                        described in clause (i), are more likely than 
                        not to outweigh the total project costs.
    ``(g) Competitive Process, Evaluation, and Annual Report for Large 
Projects.--
            ``(1) In general.--The Secretary shall establish an annual 
        date by which an eligible entity submitting an application for 
        a large project shall submit to the Secretary such information 
        as the Secretary may require, including information described 
        in paragraph (2), in order for a large project to be considered 
        for a recommendation by the Secretary for funding in the next 
        annual report under paragraph (6).
            ``(2) Information required.--The information referred to in 
        paragraph (1) includes--
                    ``(A) all necessary information required for the 
                Secretary to evaluate the large project; and
                    ``(B) information sufficient for the Secretary to 
                determine that--
                            ``(i) the large project meets the 
                        applicable requirements under this section; and
                            ``(ii) there is a reasonable likelihood 
                        that the large project will continue to meet 
                        the requirements under this section.
            ``(3) Determination; notice.--On making a determination 
        that information submitted to the Secretary under paragraph (1) 
        is sufficient, the Secretary shall provide a written notice of 
        that determination to--
                    ``(A) the eligible entity that submitted the 
                application;
                    ``(B) the Committee on Environment and Public Works 
                of the Senate; and
                    ``(C) the Committee on Transportation and 
                Infrastructure of the House of Representatives.
            ``(4) Evaluation.--The Secretary may recommend a large 
        project for funding in the annual report under paragraph (6) 
        only if the Secretary evaluates the proposed project and 
        determines that the project is justified because the project--
                    ``(A) addresses a need to improve the condition of 
                the bridge, as determined by the Secretary, consistent 
                with the goals of the program under subsection (b)(2);
                    ``(B) will generate, as determined by the 
                Secretary--
                            ``(i) costs avoided by the prevention of 
                        closure or reduced use of the bridge to be 
                        improved by the project;
                            ``(ii) in the case of a bundle of projects, 
                        benefits from executing the projects as a 
                        bundle compared to as individual projects;
                            ``(iii) safety benefits, including the 
                        reduction of accidents and related costs;
                            ``(iv) person and freight mobility 
                        benefits, including congestion reduction and 
                        reliability improvements;
                            ``(v) national or regional economic 
                        benefits;
                            ``(vi) benefits from long-term resiliency 
                        to extreme weather events, flooding, or other 
                        natural disasters;
                            ``(vii) benefits from protection (as 
                        described in section 133(b)(9)), including 
                        improving seismic or scour protection;
                            ``(viii) environmental benefits, including 
                        wildlife connectivity;
                            ``(ix) benefits to nonvehicular and public 
                        transportation users;
                            ``(x) benefits of using--
                                    ``(I) innovative design and 
                                construction techniques; or
                                    ``(II) innovative technologies; or
                            ``(xi) reductions in maintenance costs, 
                        including, in the case of a federally-owned 
                        bridge, cost savings to the Federal budget;
                    ``(C) is cost effective based on an analysis of 
                whether the benefits and avoided costs described in 
                subparagraph (B) are expected to outweigh the project 
                costs;
                    ``(D) is supported by other Federal or non-Federal 
                financial commitments or revenues adequate to fund 
                ongoing maintenance and preservation; and
                    ``(E) is consistent with the objectives of an 
                applicable asset management plan of the project 
                sponsor, including a State asset management plan under 
                section 119(e) in the case of a project on the National 
                Highway System that is sponsored by a State.
            ``(5) Ratings.--
                    ``(A) In general.--The Secretary shall develop a 
                methodology to evaluate and rate a large project on a 
                5-point scale (the points of which include `high', 
                `medium-high', `medium', `medium-low', and `low') for 
                each of--
                            ``(i) paragraph (4)(B);
                            ``(ii) paragraph (4)(C); and
                            ``(iii) paragraph (4)(D).
                    ``(B) Requirement.--To be considered justified and 
                receive a recommendation for funding in the annual 
                report under paragraph (6), a project shall receive a 
                rating of not less than `medium' for each rating 
                required under subparagraph (A).
            ``(6) Annual report on funding recommendations for large 
        projects.--
                    ``(A) In general.--Not later than the first Monday 
                in February of each year, the Secretary shall submit to 
                the Committees on Transportation and Infrastructure and 
                Appropriations of the House of Representatives and the 
                Committees on Environment and Public Works and 
                Appropriations of the Senate a report that includes--
                            ``(i) a list of large projects that have 
                        requested a recommendation for funding under a 
                        new grant agreement from funds anticipated to 
                        be available to carry out this subsection in 
                        the next fiscal year;
                            ``(ii) the evaluation under paragraph (4) 
                        and ratings under paragraph (5) for each 
                        project referred to in clause (i);
                            ``(iii) the grant amounts that the 
                        Secretary recommends providing to large 
                        projects in the next fiscal year, including--
                                    ``(I) scheduled payments under 
                                previously signed multiyear grant 
                                agreements under subsection (j);
                                    ``(II) payments for new grant 
                                agreements, including single-year grant 
                                agreements and multiyear grant 
                                agreements; and
                                    ``(III) a description of how 
                                amounts anticipated to be available for 
                                the program from the Highway Trust Fund 
                                for that fiscal year will be 
                                distributed; and
                            ``(iv) for each project for which the 
                        Secretary recommends a new multiyear grant 
                        agreement under subsection (j), the proposed 
                        payout schedule for the project.
                    ``(B) Limitations.--
                            ``(i) In general.--The Secretary shall not 
                        recommend in an annual report under this 
                        paragraph a new multiyear grant agreement 
                        provided from funds from the Highway Trust Fund 
                        unless the Secretary determines that the 
                        project can be completed using funds that are 
                        anticipated to be available from the Highway 
                        Trust Fund in future fiscal years.
                            ``(ii) General fund projects.--The 
                        Secretary--
                                    ``(I) may recommend for funding in 
                                an annual report under this paragraph a 
                                large project using funds from the 
                                general fund of the Treasury; but
                                    ``(II) shall not execute a grant 
                                agreement for that project unless--
                                            ``(aa) funds other than 
                                        from the Highway Trust Fund 
                                        have been made available for 
                                        the project; and
                                            ``(bb) the Secretary 
                                        determines that the project can 
                                        be completed using funds other 
                                        than from the Highway Trust 
                                        Fund that are anticipated to be 
                                        available in future fiscal 
                                        years.
                    ``(C) Considerations.--In selecting projects to 
                recommend for funding in the annual report under this 
                paragraph, the Secretary shall--
                            ``(i) consider the amount of funds 
                        available in future fiscal years for multiyear 
                        grant agreements as described in subparagraph 
                        (B); and
                            ``(ii) assume the availability of funds in 
                        future fiscal years for multiyear grant 
                        agreements that extend beyond the period of 
                        authorization based on the amount made 
                        available for large projects under the program 
                        in the last fiscal year of the period of 
                        authorization.
                    ``(D) Project diversity.--In selecting projects to 
                recommend for funding in the annual report under this 
                paragraph, the Secretary shall ensure diversity among 
                projects recommended based on--
                            ``(i) the amount of the grant requested; 
                        and
                            ``(ii) grants for an eligible project for 1 
                        bridge compared to an eligible project that is 
                        a bundle of projects.
    ``(h) Eligible Project Costs.--A grant received for an eligible 
project under the program may be used for--
            ``(1) development phase activities, including planning, 
        feasibility analysis, revenue forecasting, environmental 
        review, preliminary engineering and design work, and other 
        preconstruction activities;
            ``(2) construction, reconstruction, rehabilitation, 
        acquisition of real property (including land related to the 
        project and improvements to the land), environmental 
        mitigation, construction contingencies, acquisition of 
        equipment, and operational improvements directly related to 
        improving system performance; and
            ``(3) expenses related to the protection (as described in 
        section 133(b)(9)) of a bridge, including seismic or scour 
        protection.
    ``(i) TIFIA Program.--On the request of an eligible entity carrying 
out an eligible project, the Secretary may use amounts awarded to the 
entity to pay subsidy and administrative costs necessary to provide to 
the entity Federal credit assistance under chapter 6 with respect to 
the eligible project for which the grant was awarded.
    ``(j) Multiyear Grant Agreements for Large Projects.--
            ``(1) In general.--A large project that receives a grant 
        under the program in an amount of not less than $100,000,000 
        may be carried out through a multiyear grant agreement in 
        accordance with this subsection.
            ``(2) Requirements.--A multiyear grant agreement for a 
        large project described in paragraph (1) shall--
                    ``(A) establish the terms of participation by the 
                Federal Government in the project;
                    ``(B) establish the maximum amount of Federal 
                financial assistance for the project in accordance with 
                paragraphs (3) and (4) of subsection (c);
                    ``(C) establish a payout schedule for the project 
                that provides for disbursement of the full grant amount 
                by not later than 4 fiscal years after the fiscal year 
                in which the initial amount is provided;
                    ``(D) determine the period of time for completing 
                the project, even if that period extends beyond the 
                period of an authorization; and
                    ``(E) attempt to improve timely and efficient 
                management of the project, consistent with all 
                applicable Federal laws (including regulations).
            ``(3) Special financial rules.--
                    ``(A) In general.--A multiyear grant agreement 
                under this subsection--
                            ``(i) shall obligate an amount of available 
                        budget authority specified in law; and
                            ``(ii) may include a commitment, contingent 
                        on amounts to be specified in law in advance 
                        for commitments under this paragraph, to 
                        obligate an additional amount from future 
                        available budget authority specified in law.
                    ``(B) Statement of contingent commitment.--The 
                agreement shall state that the contingent commitment is 
                not an obligation of the Federal Government.
                    ``(C) Interest and other financing costs.--
                            ``(i) In general.--Interest and other 
                        financing costs of carrying out a part of the 
                        project within a reasonable time shall be 
                        considered a cost of carrying out the project 
                        under a multiyear grant agreement, except that 
                        eligible costs may not be more than the cost of 
                        the most favorable financing terms reasonably 
                        available for the project at the time of 
                        borrowing.
                            ``(ii) Certification.--The applicant shall 
                        certify to the Secretary that the applicant has 
                        shown reasonable diligence in seeking the most 
                        favorable financing terms.
            ``(4) Advance payment.--Notwithstanding any other provision 
        of law, an eligible entity carrying out a large project under a 
        multiyear grant agreement--
                    ``(A) may use funds made available to the eligible 
                entity under this title for eligible project costs of 
                the large project until the amount specified in the 
                multiyear grant agreement for the project for that 
                fiscal year becomes available for obligation; and
                    ``(B) if the eligible entity uses funds as 
                described in subparagraph (A), the funds used shall be 
                reimbursed from the amount made available under the 
                multiyear grant agreement for the project.
    ``(k) Undertaking Parts of Projects in Advance Under Letters of No 
Prejudice.--
            ``(1) In general.--The Secretary may pay to an applicant 
        all eligible project costs under the program, including costs 
        for an activity for an eligible project incurred prior to the 
        date on which the project receives funding under the program 
        if--
                    ``(A) before the applicant carries out the 
                activity, the Secretary approves through a letter to 
                the applicant the activity in the same manner as the 
                Secretary approves other activities as eligible under 
                the program;
                    ``(B) a record of decision, a finding of no 
                significant impact, or a categorical exclusion under 
                the National Environmental Policy Act of 1969 (42 
                U.S.C. 4321 et seq.) has been issued for the eligible 
                project; and
                    ``(C) the activity is carried out without Federal 
                assistance and in accordance with all applicable 
                procedures and requirements.
            ``(2) Interest and other financing costs.--
                    ``(A) In general.--For purposes of paragraph (1), 
                the cost of carrying out an activity for an eligible 
                project includes the amount of interest and other 
                financing costs, including any interest earned and 
                payable on bonds, to the extent interest and other 
                financing costs are expended in carrying out the 
                activity for the eligible project, except that interest 
                and other financing costs may not be more than the cost 
                of the most favorable financing terms reasonably 
                available for the eligible project at the time of 
                borrowing.
                    ``(B) Certification.--The applicant shall certify 
                to the Secretary that the applicant has shown 
                reasonable diligence in seeking the most favorable 
                financing terms under subparagraph (A).
            ``(3) No obligation or influence on recommendations.--An 
        approval by the Secretary under paragraph (1)(A) shall not--
                    ``(A) constitute an obligation of the Federal 
                Government; or
                    ``(B) alter or influence any evaluation under 
                subsection (f)(3)(A)(i) or (g)(4) or any recommendation 
                by the Secretary for funding under the program.
    ``(l) Federally-Owned Bridges.--
            ``(1) Divestiture consideration.--In the case of a bridge 
        owned by a Federal land management agency for which that agency 
        applies for a grant under the program, the agency--
                    ``(A) shall consider options to divest the bridge 
                to a State or local entity after completion of the 
                project; and
                    ``(B) may apply jointly with the State or local 
                entity to which the bridge may be divested.
            ``(2) Treatment.--Notwithstanding any other provision of 
        law, section 129 shall apply to a bridge that was previously 
        owned by a Federal land management agency and has been 
        transferred to a non-Federal entity under paragraph (1) in the 
        same manner as if the bridge was never federally owned.
    ``(m) Congressional Notification.--Not later than 30 days before 
making a grant for an eligible project under the program, the Secretary 
shall submit to the Committee on Transportation and Infrastructure of 
the House of Representatives and the Committee on Environment and 
Public Works of the Senate a written notification of the proposed grant 
that includes--
            ``(1) an evaluation and justification for the eligible 
        project; and
            ``(2) the amount of the proposed grant.
    ``(n) Reports.--
            ``(1) Annual report.--Not later than August 1 of each 
        fiscal year, the Secretary shall make available on the website 
        of the Department of Transportation an annual report that lists 
        each eligible project for which a grant has been provided under 
        the program during the fiscal year.
            ``(2) GAO assessment and report.--Not later than 3 years 
        after the date of enactment of the Bridge Investment Act of 
        2021, the Comptroller General of the United States shall--
                    ``(A) conduct an assessment of the administrative 
                establishment, solicitation, selection, and 
                justification process with respect to the funding of 
                grants under the program; and
                    ``(B) submit to the Committee on Transportation and 
                Infrastructure of the House of Representatives and the 
                Committee on Environment and Public Works of the Senate 
                a report that describes--
                            ``(i) the adequacy and fairness of the 
                        process under which each eligible project that 
                        received a grant under the program was 
                        selected; and
                            ``(ii) the justification and criteria used 
                        for the selection of each eligible project.
    ``(o) Limitation.--
            ``(1) Large projects.--Of the amounts made available out of 
        the Highway Trust Fund (other than the Mass Transit Account) to 
        carry out this section for each of fiscal years 2022 through 
        2026, not less than 50 percent, in aggregate, shall be used for 
        large projects.
            ``(2) Unutilized amounts.--If, in fiscal year 2026, the 
        Secretary determines that grants under the program will not 
        allow for the requirement under paragraph (1) to be met, the 
        Secretary shall use the unutilized amounts to make other grants 
        under the program during that fiscal year.
    ``(p) Tribal Transportation Facility Bridge Set Aside.--
            ``(1) In general.--Of the amounts made available from the 
        Highway Trust Fund (other than the Mass Transit Account) for a 
        fiscal year to carry out this section, the Secretary shall use, 
        to carry out section 202(d)--
                    ``(A) $16,000,000 for fiscal year 2022;
                    ``(B) $18,000,000 for fiscal year 2023;
                    ``(C) $20,000,000 for fiscal year 2024;
                    ``(D) $22,000,000 for fiscal year 2025; and
                    ``(E) $24,000,000 for fiscal year 2026.
            ``(2) Treatment.--For purposes of section 201, funds made 
        available for section 202(d) under paragraph (1) shall be 
        considered to be part of the tribal transportation program.''.
    (b) Clerical Amendment.--The analysis for chapter 1 of title 23, 
United States Code, is amended by inserting after the item relating to 
section 123 the following:

``124. Bridge investment program.''.
                                 <all>