,,ii  #aagth ,,congress  #ast ,session  
,s4 #beeg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bi1     
#bjba,mr4 ,portman 7for himself and ,mr4
 ,manchin7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,environment and   
,public ,works  ,a ,,bill  ,to require  
certain transportation projects to      
include a value-for-money analysis1 and 
for other purposes4  #a4 ,value for     
money analysis  7a7 ,in general         
,notwithstanding any other provision of 
law1 in the case of a project described 
in subsection 7b71 the entity carrying  
out the project shall1 during the       
planning and project development        
process1 conduct a value for money      
analysis of the project1 which shall    
include an evaluation of-- 7#a7 the     
life-cycle cost and project delivery    
schedule2  7#b7 the costs of using      
public funding versus private financing 
for the project2  7#c7 a description of 
the key assumptions made in developing  

the analysis1 including-- 7,a7 an       
analysis of any ,federal grants and     
subsidies received or expected          
7including tax depreciation costs72     
7,b7 the key terms of the proposed      
public-private partnership agreement1 if
 applicable 7including the expected rate
 of return for private debt and equity72
  7,c7 a discussion of the benefits and 
costs associated with the allocation of 
risk2  7,d7 the determination of risk   
premiums assigned to various project    
delivery scenarios2  7,e7 any user fee  
revenue generated by the project2 and   
7,f7 any externality benefits for the   
public generated by the project2 and    
7#d7 any other information the          
,secretary of ,transportation determines
 to be appropriate4  7b7 ,project       
described ,a project referred to in     
subsection 7a7 is a transportation      
project-- 7#a7 with an estimated total  
cost of more than #gej1jjj1jjj2  7#b7   
carried out-- 7,a7 by a ,state1         
territory1 ,indian ,tribe1 unit of local

 government1 transit agency1 port       
authority1 metropolitan planning        
organization1 airport authority1 or     
other political subdivision of a ,state 
or local government2 and  7,b7 in a     
,state in which there is in effect a    
,state law authorizing the use and      
implementation of public-private        
partnerships for transportation         
projects2 and  7#c7 that is carried out 
with-- 7,a7 assistance under the ,,tifia
 program under chapter #f of title #bc1 
,united ,states ,code2 or  7,b7         
assistance under the ,railroad          
,rehabilitation and ,improvement        
,financing ,program of the ,federal     
,railroad ,administration established   
under title ,v of the ,railroad         
,revitalization and ,regulatory ,reform 
,act of #aigf 7#de ,u4,s4,c4 #hba et    
seq474  7c7 ,reporting requirements     
7#a7 ,project reports ,for each project 
described in subsection 7b71 the entity 
carrying out the project shall-- 7,a7   
include the results of the analysis     

under subsection 7a7 on the website of  
the project2 and  7,b7 submit the       
results of the analysis to the ,build   
,america ,bureau and the ,secretary of  
,transportation4  7#b7 ,report to       
,congress ,the ,secretary of            
,transportation1 in coordination with   
the ,build ,america ,bureau1 shall--    
7,a7 compile the analyses submitted     
under paragraph 7#a77;,b72 and  7,b7    
submit to ,congress a report that-- 7i7 
includes the analyses submitted under   
paragraph 7#a77;,b72  7ii7 describes--  
7,i7 the use of private financing for   
projects described in subsection 7b72   
and  7,,ii7 the benefits of conducting a
 value for money analysis2 and  7iii7   
identifies best practices for private   
financing of projects described in      
subsection 7b74  7d7 ,guidance ,the     
,secretary of ,transportation1 in       
coordination with the ,build ,america   
,bureau1 shall issue guidance on        
performance benchmarks1 risk premiums1  
and expected rates of return on private 

financing for projects described in     
subsection 7b74