Directs the Secretary of the Army to carry out the hurricane and storm damage reduction project, Morganza to the Gulf of Mexico, Louisiana, in accordance with the Chief of Engineers' reports of August 23, 2002, and July 22, 2003, at specified federal and non-federal costs. Makes the operation, maintenance, repair, rehabilitation, and replacement of the Houma Navigation Canal lock complex and the Gulf Intracoastal Waterway floodgate features of the project that provide for inland waterway transportation a federal responsibility.