MONITORING.

SEC. 223. MONITORING. (a) In General.—The Secretary shall conduct a monitoring program of the economic and environmental results of up to 5 eligible projects selected by the Secretary. (b) Duration.—The monitoring of a project selected by the Secretary under this section shall be for a period of not less than 12 years beginning on the date of its selection. (c) Reports.—The Secretary shall transmit to Congress every 3 years a report on the performance of each project selected under this section. (d) Eligible Project Defined.—In this section, the term “eligible project” means a water resources project, or separable element thereof— (1) for which a contract for physical construction has not been awarded before the date of enactment of this Act; (2) that has a total cost of more than $25,000,000; and (3)(A) that has as a benefit-to-cost ratio of less than 1.5 to 1; or (B) that has significant environmental benefits or significant environmental mitigation components. (e) Costs.—The cost of conducting monitoring under this section shall be a Federal expense.