Current GARVEE activity is depicted on the map with an indication of which states have issued GARVEEs. The accompanying table provides more detail of each state's issuance activity, including volume by issue, projects financed with the proceeds, ratings and insurers, and the type of backstop used to secure the bonds, if applicable. Select a state to view table data.
| State |
Number of Issue |
Issues (Millions) |
Final Maturity |
Rating Moody's/S&P/Fitch |
Project Financed |
Insurer |
Backstop |
| |
| Alabama |
|
| |
Apr-02 |
200.00 |
2017 |
Aa3/A/na |
County Bridge Program |
MBIA |
No Backstop |
| |
Dec-12 |
327.94 |
2026 |
Aa3/AA/na |
Various Road and Bridge Projects Throughout the State |
None |
No Backstop |
| Alaska |
|
| |
Apr-03 |
102.81 |
2021 |
Aa2/AA/AA |
Eight Road and Bridge Projects |
FGIC |
No Backstop |
| Arizona |
|
| (July 03 excludes $26.3 million in proceeds used to refund outstanding June 2000 bonds) |
Jun-00 |
39.41 |
2004 |
Aa3/AA-/AA- |
Maricopa freeway projects |
MBIA |
Funds from Federal and State Highway and Road Sub-Account (Certain sub-account transfers. 2001 and 2004 issues insured.) |
| May-01 |
142.89 |
2008 |
Aa3/AA-/AA- |
None |
| Jul-03 |
122.70 |
2015 |
Aa3/AA-/AA- |
None |
| May-04 |
51.00 |
2014 |
Aa3/AA-/AA |
Ambac |
| Oct-04 |
104.39 |
2016 |
Aa3/AA-/AA |
Ambac |
| Dec-07 |
68.00 |
2014 |
Aa3/AA-/AA |
None |
| Apr-09 |
55.42 |
2016 |
Aa3/AA-/AA |
Controlled-access highway projects |
None |
No Backstop |
| Jan-11 |
158.59 |
2026 |
Aa2/AA/AA |
Controlled-access highway projects and State routes |
None |
No Backstop |
| Arkansas |
|
| (Excludes $253.225M, S2010 Refunding Bonds) |
Mar-00 |
175.00 |
2010 |
Aa2/AA/na |
Interstate Highways |
None |
Full faith and credit of state, plus state motor fuel taxes. |
| May-01 |
185.00 |
2012 |
Aa2/AA/na |
None |
| Jul-02 |
215.00 |
2013 |
Aa2/AA/na |
None |
| Sep-12 |
197.01 |
2024 |
Aa1/AA/na |
None |
Full faith and credit of state |
| California |
|
| |
Mar-04 |
614.90 |
2015 |
As3/AA-AA- |
Eight Road Projects |
FGIC,MBIA, Ambac |
Insured except 2005 series |
| |
Oct-08 |
97.64 |
2020 |
As3/AA-AA- |
Eight Road Projects |
None |
2008 issue not insured |
| Colorado |
|
| (Colorado DOT issued $414.9 million in April 2004, which was a combined new money and refunding issue.) |
May-00 |
524.36 |
2015 |
Aa3/AA/AA |
Any project financed wholly or in part by Federal funds |
Ambac |
Federal highway funds as
allocated annually by CDOT;
Other state funds (Sales Taxes). |
| Apr-01 |
506.37 |
2015 |
Aa3/AA/AA |
MBIA |
| Aug-02 |
400.16 |
2016 |
Aa3/AA/AA |
MBIA |
| Aug-03 |
100.00 |
2016 |
Aa3/AA/AA |
Ambac |
| Apr-04 |
134.60 |
2016 |
Aa3/AA/AA |
FGIC |
| Delaware |
|
| |
May-10 |
113.49 |
2025 |
Aa2/AA/-- |
The US Route 301 |
None |
Federal highway funds
allocated annually by DEDOT |
| District of Columbia |
|
| |
Feb-11 |
82.61 |
2026 |
Aa2/AA |
11th Street Bridges Replacement |
None |
Includes those funds held in the Transportation Infrastructure Improvement Fund |
| |
Sep-12 |
42.94 |
2027 |
Aa2/AA |
The Twin 11th Street Bridge (Phase II) |
None |
Includes those funds held in the Transportation Infrastructure Improvement Fund |
| Georgia |
|
| |
Jul-06 |
90.00 |
2018 |
Aaa/AAA/AAA |
Various Highway Projects |
MBIA |
No Backstop |
| |
Jul-06 |
360.00 |
2018 |
Aa3/AA-/AA- |
MBIA |
| |
Aug-06 |
150.00 |
2008 |
P-1/A-1+/F1+ |
State Street Bank |
| |
Mar-08 |
600.00 |
2020 |
Aa3/AA-/AA- |
FSA |
| |
Feb-09 |
600.00 |
2021 |
Aa3/AA-/AA- |
None |
| Idaho |
|
| |
May-06 |
194.34 |
2024 |
Aa3/A+ |
The six corridors in GARVEE Program: US-95 Garwood to Sagle, US95 Worley to Setters, SH-16, I-84 to South Emmett, I-84 Caldwell to Meridian, I-84 Orchard to Isaacs Canyon, US-30 McCammon to Lava Hot Springs. |
MBIA |
No Backstop |
| |
Mar-08 |
173.04 |
2026 |
Aa3/A+ |
Assured |
| |
Jan-09 |
172.21 |
2028 |
Aa3/A+ |
None |
|
| |
Jan-10 |
12.45 |
2017 |
Aa3/A+ |
None |
|
| |
Jan-10 |
71.84 |
2028 |
Aa3/A+ |
None |
|
| |
Jul-11 |
72.93 |
2029 |
Aa2/NR/A+ |
None |
|
| Kentucky |
|
| |
May-05 |
139.64 |
2017 |
Aa3 / AA-/AA- |
Three Interstate widening and rehabilitation projects |
MBIA |
No Backstop |
| |
Sep-07 |
277.91 |
2019 |
Aa3 / AA-/AA- |
Ambac |
| |
Feb-10 |
89.71 |
2022 |
AA-/Aa3/AA |
Louisville Southern Indiana Ohio River Bridges Project |
|
No Backstop |
| Maine |
|
| |
Dec-04 |
48.40 |
2015 |
Aa3/NA/AA- |
Replacement of the Waldo-Hancock Bridge |
Ambac |
No Backstop |
| |
Sep-08 |
50.00 |
2020 |
Aa3/NA/AA- |
Replacement of the Waldo-Hancock Bridge |
None |
No Backstop |
| |
Nov-10 |
50.00 |
2022 |
Aa2/NR/AA- |
Veterans Memorial Bridge Replacement |
None |
No Backstop |
| Maryland |
|
| |
May-07 |
325.00 |
2019 |
Aa2/AAA/AA |
Inter County Connector |
None |
Irrevocable pledge of state tax revenues deposited in the state's transportation Trust Fund. |
| |
Dec-08 |
425.00 |
2020 |
Aa2/AAA/AA |
Inter County Connector |
None |
Irrevocable pledge of state tax revenues deposited in the state's transportation Trust Fund. |
| Mississippi |
|
| |
May-99 |
200.00 |
2008 |
Aa1/AAA/AAA |
Highway Projects |
None |
Motor Fuel Tax |
| |
Jan-05 |
45.00 |
2016 |
Aaa/AAA |
Highway Projects (Tunica County) |
FGIC |
No Backstop |
| |
Oct-05 |
32.00 |
2017 |
Aaa/AAA |
Highway Projects (City of Laurel) |
FGIC |
No Backstop |
| |
Oct-05 |
102.00 |
2017 |
Aaa/AAA |
Highway Projects (Harrison County) |
FGIC |
No Backstop |
| |
Sep-06 |
145.00 |
2019 |
Aaa/AAA |
Highway Projects (Madison County) |
FGIC |
No Backstop |
| |
Oct-07 |
52.00 |
2017 |
Aaa/AAA |
Highway Projects (Marshall County) |
AMBAC |
No Backstop |
| |
Oct-07 |
31.00 |
2017 |
Aaa/AAA |
Highway Projects (Desoto County) |
AMBAC |
No Backstop |
| |
Aug-09 |
9.49 |
2014 |
A1/AA-/NR |
Highway Projects (Harrison County) |
None |
No Backstop |
| |
Aug-09 |
63.30 |
2035 |
A1/AA-/NR |
Highway Projects (Harrison County) |
None |
No Backstop |
| |
Mar-10 |
24.28 |
2014 |
A1/AA-/NR |
Highway Projects (Desoto County) |
None |
No Backstop |
| |
Mar-10 |
136.78 |
2040 |
A1/AA-/NR |
Highway Projects (Desoto County) |
None |
No Backstop |
| |
Jun-10 |
50.00 |
2012 |
A-1/P-1 |
MSDOT Highway Projects |
LOC, B&A Bank |
No Backstop |
| |
Mar-11 |
17.22 |
2018 |
Hancock Bank |
Private Placements |
|
Private Placements |
| |
Oct-12 |
163.00 |
2028 |
Aa3/AA- |
Roads and/or Bridges Improvements |
|
No Backstop |
| Montana |
|
| |
Apr-05 |
122.75 |
2020 |
Aa3/A+ |
44.8 miles of US 93 improvements |
MBIA |
No backstop |
| |
Jun-08 |
44.67 |
2023 |
Aa3/A+ |
None |
No backstop |
| New Hampshire |
|
| |
Nov-10 |
80.00 |
2023 |
Aa2/AA/- |
I-93 reconstruction and widening; interchange reconstruction |
None |
No Backstop |
| |
May-12 |
98.25 |
2026 |
Aa2/AA/– |
I-93 reconstruction and widening; interchange reconstruction |
None |
No Backstop |
| New Jersey |
|
| |
May-06 |
131.56 |
2018 |
A1/A- |
Route 52 Causeway Replacement Contract Project |
FGIC |
No Backstop |
| New Mexico |
|
| |
Sep-98 |
100.23 |
2015 |
A2/A/na |
New Mexico SR 44; US 70 Corridor Reconstruction |
Ambac |
No backstop |
| |
Feb-01 |
18.54 |
2011 |
A2/A/na |
New Mexico SR 44; US 70 Corridor Reconstruction |
Ambac |
No backstop |
| North Carolina |
|
| |
Sep-07 |
287.57 |
2019 |
Aa3/AA-/AA- |
Portions of 38 Construction Projects |
MBIA |
No Backstop |
| |
Jul-09 |
242.50 |
2021 |
Aa3/AA-/AA- |
Group (44) Projects |
None |
No Backstop |
| |
Dec-11 |
145.54 |
2023 |
Aa2/AA/AA- |
Monroe Connector System |
None |
No Backstop |
| |
Jan- 12 |
179.54 |
2019 |
Aa2/AA/AA- |
49 Identified Projects Listed in Final OS |
None |
No Backstop |
| North Dakota |
|
| |
Aug-05 |
51.45 |
2020 |
AA1/AA/na |
Highway and bridge projects |
FSA |
State Highway Fund |
| Ohio |
|
| |
May-98 |
70.00 |
2007 |
Aa2/AA-/AA- |
Various projects including:
Spring-Sandusky and
Maumee river improvements |
None |
No Backstop |
| Aug-99 |
20.00 |
2008 |
Aa2/AA-/AA- |
None |
| Sep-01 |
100.00 |
2009 |
Aa2/AA-/AA- |
None |
| Sep-02 |
135.00 |
2010 |
Aa2/AA/AA- |
None |
| Jan-04 |
113.77 |
2011 |
Aa2/AA-/AA- |
None |
| Jan-06 |
99.27 |
2015 |
Aa2/AA-/AA- |
MBIA |
| Sep-06 |
180.00 |
2016 |
Aa2/AA-/AA- |
MBIA |
| Nov-07 |
210.00 |
2017 |
Aa2/AA-/AA- |
FSA |
| Oct-08 |
375.00 |
2020 |
Aa2/AA-/AA- |
None |
| |
May-10 |
215.00 |
2021 |
Aa1/AA/AA- |
State Infrastructure Projects |
None |
No Backstop |
| |
Dec-10 |
230.00 |
2018 |
Aa1/AA/AA- |
State Infrastructure Projects |
None |
No Backstop |
| |
Nov-12 |
183.53 |
2024 |
Aa1/AA/na |
Various Highway and Bridge Projects |
None |
No Backstop |
| Oklahoma |
|
| (With premiums on net proceeds worth $50 million) |
Mar-04 |
47.58 |
2018 |
Aa3/na/A+ |
Projects in 12 corridors |
None |
No Backstop |
| Aug-05 |
48.88 |
2020 |
Aa3/na/A+ |
Ambac |
| Mar-07 |
95.68 |
2022 |
Aa3/na/A+ |
MBIA |
| Nov-08 |
98.23 |
2023 |
Aa3/na/A+ |
|
None |
|
| Puerto Rico |
|
| |
Aug-04 |
139.88 |
2021 |
A2/A/na |
Various Transportation Projects |
MBIA |
No Backstop |
| Rhode Island |
|
| |
Nov-03 |
216.81 |
2015 |
Aa3/A+/AA- |
Freeway, Bridge and Freight Rail Improvement Projects |
FSA |
No Backstop |
| |
Feb-06 |
184.62 |
2018 |
Aa3/A+/AA- |
FGIC |
| |
Mar-09 |
169.40 |
2021 |
Aa3/A+/AA- |
Assured |
| Commonwealth of Virginia |
|
| |
Feb- 12 |
297.59 |
2027 |
Aa1/AA/na |
Downtown Tunnel/Midtown Tunnel/Martin Luther King Freeway Extension Project |
None |
Yes, Pledge of Indirect Reimbursements |
| |
Jul-12 |
120.63 |
2027 |
Aa1/AA/na |
The Interstate 95 HOV/HOT Lanes Project and the Downtown Tunnel/Midtown Tunnel/Martin Luther King Freeway Extension Project. |
None |
Yes, Pledge of Indirect Reimbursements |
| Virgin Islands |
|
| |
Oct-02 |
20.80 |
2009 |
na/na/BBB |
Enighed Pond Port Project and Red Hook Passenger Terminal Building |
FSA |
No Backstop |
| Washington |
|
| |
May-12 |
500.40 |
2024 |
Aa2/AA/na |
Portion of SR 520 Floating Bridge and Eastside Project |
None |
No Backstop |
| West Virginia |
|
| |
Oct-06 |
75.97 |
2015 |
Aa3/AA-/na |
Route 35 Enhancements |
FSA |
No Backstop |
| |
Apr-07 |
33.19 |
2015 |
Aa3/AA-/na |
FSA |
| |
Mar-09 |
76.84 |
2015 |
Aa3/AA-/na |
None |
| Total |
|
15,296.31 |
|
|
|
|
|
