(a) Study.--A local transportation organization receiving funding in an amount greater than $5,000,000 annually under this chapter shall undertake a study to evaluate the feasibility of utilizing partnerships with private service providers and financial partners as a method to operate and finance new or existing services. Within one year following the effective date of this section, each local transportation organization required to evaluate private participation under this section shall submit a report to the secretary and the majority chairperson and minority chairperson of the Transportation Committee of the Senate and the majority chairperson and minority chairperson of the Transportation Committee of the House of Representatives.

(b) Report.--The report shall, at a minimum, include the results of the evaluation, a determination of the viability of greater private partnering and any recommendations about how to achieve greater participation from the private sector.

(c) Preclusion.--Nothing in this section shall preclude a local transportation organization receiving less than $5,000,000 annually under this chapter from making an evaluation of greater private involvement in their operations.