Pour boiling water into a bowl. Place sun-dried tomatoes into the boiling water; cover and let stand 10 minutes or until tender. Drain well; finely chop.
Heat oil in a small nonstick skillet over medium-low heat. Add garlic; cook for 1 minuted, stirring constantly. Combine the milk and eggs in a bowl, stirring with a whisk. Stir in tomatoes, garlic, half of mozzarella cheese, half of Parmesan cheese, basil, salt and pepper.
Place bread in a shallow 1 1/2-quart casserole coated with cooking spray. Pour milk mixture over bread, gently stirring to coat. Let mixture stand 15 minutes. Sprinkle with remaining mozzarella and Parmesan. Bake at 350°F for 45 minutes or until golden brown.