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Tools & Programs:
Federal Debt Financing Tools

Grant Anticipation Revenue Vehicles (GARVEEs)

Current GARVEE Activity

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.

Current GARVEE Activity as of March 2014

Current GARVEE Activity Montana North Dakota California Arizona New Mexico Colorado Oklahoma Arkansas Mississippi Alabama Georgia North Carolina Idaho Montana Kentucky Ohio West Virginia Maine New Hampshire Rhode Island New Jersey Delaware Puerto Rico Alaska Virgin Islands Maryland District of Columbia Washington Commonwealth of Virginia
State Date of Issue Issues (Millions) Bond Type Final Maturity Rating Moody's/S&P/Fitch Project Financed Insurer Backstop
Alabama
  Apr-02 200.00 New Money 2017 Aa3/A/na County Bridge Program MBIA No Backstop
  Aug-11 91.30 Refunding 2017 Aa2/AA/na Refund the 2002 Grant Anticipation Revenue Bonds None No Backstop
  Dec-12 327.94 New Money 2026 Aa3/AA/na Various Road and Bridge Projects Throughout the State None No Backstop
Alaska
  Apr-03 102.81 New Money 2021 Aa2/AA/AA Eight Road and Bridge Projects FGIC No Backstop
Arizona
Jun-00 39.41 New Money 2004 Aa3/AA-/AA- Phoenix Highway 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 New Money 2008 Aa3/AA-/AA- Maricopa County Highway Projects MBIA
Jul-03 122.70 New Money 2015 Aa3/AA-/AA- Certain Controlled-Access Highways within Maricopa County None
Jul-03 26.30 Refunding 2015 Aa3/AA-/AA- Refunds all the Grant Anticipation Notes Series 2000 bonds None
May-04 51.00 New Money 2014 Aa3/AA-/AA Colorado River Bridge Ambac
Oct-04 104.39 New Money 2016 Aa3/AA-/AA Maricopa County Highway Projects None
Dec-07 68.00 New Money 2016 Aa3/AA-/AA Maricopa County Highway Projects None
Apr-09 55.42 New Money 2016 Aa3/AA-/AA Controlled-access highway projects None No Backstop
Jan-11 158.59 New Money 2026 Aa2/AA/AA Controlled-access highway projects and State routes None No Backstop
Jul-12 43.83 Refunding 2016 Aa/AA/AA Refund portions of the Series 2003 and 2004 bonds None No Backstop
Arkansas
Mar-00 175.00 New Money 2010 Aa2/AA/na Interstate Highway Rehabilitation Projects None Full faith and credit of state, plus state motor fuel taxes.
May-01 185.00 New Money 2012 Aa2/AA/na None
Jul-02 215.00 New Money 2013 Aa2/AA/na None
Jun-10 253.23 Refunding 2014 Aa1/AA/na Refund the 2000, 2001, and 2002 series bonds None
Oct-12 197.01 New Money 2024 Aa1/AA/na Various Interstate Highway Projects None Full faith and credit of state, plus state motor fuel taxes.
Nov-13 171.47 New Money 2026 Aa1/AA/na None Full faith and credit of state, plus state motor fuel taxes.
California
  Mar-04 614.90 New Money 2015 As3/AA-AA- Eight Road Projects FGIC,MBIA, Ambac Insured except 2005 series
  Oct-08 97.64 New Money 2020 As3/AA-AA- Eight Road Projects None 2008 issue not insured
Colorado
May-00 524.36 New Money 2015 Aa3/AA/AA Federal highway projects- Strategic Corridor Projects Ambac Federal highway funds as
allocated annually by CDOT;
Other state funds (Sales Taxes).
Apr-01 506.37 New Money 2015 Aa3/AA/AA MBIA
Jun-02 208.30 New Money 2017 As3/AA/AA None
Aug-02 400.16 Refunding 2016 Aa3/AA/AA Partially refund Series 2001 and 2002 Grant Anticipation Bonds MBIA
Aug-03 100.00 New Money 2016 Aa3/AA/AA Federal highway projects- Strategic Corridor Projects Ambac
Apr-04 134.60 New Money 2016 Aa3/AA/AA FGIC
Apr-04 280.22 Refunding 2016 Aaa/AAA/AAA Refunded all Series 2003A bonds, and partially refunded of Series 2002 and 2001 Grant Anticipation Bonds None
Aug-11 104.65 Refunding 2017 Aa2/AA/na Refunded part of the Series 2004C Grant Anticipation Bond None
Mar-13 30.93 Refunding 2016 Aa2/AA/na Advance Refund Series 2004AC (Outstanding in the Aggregate Principal of $28.57M) None  
Delaware
  May-10 113.49 New Money 2025 Aa2/AA/-- The US Route 301 None Federal highway funds
allocated annually by DELDOT
District of Columbia
  Feb-11 82.61 New Money 2026 Aa2/AA The Twin 11th Street Bridge None Includes those funds held in the Transportation Infrastructure Improvement Fund
  Sep-12 42.94 New Money 2027 Aa2/AA Phase II of The Twin 11th Street Bridge None
Georgia
  Jul-06 360.00 New Money 2018 Aa3/AA-/AA-   MBIA No Backstop
  Mar-08 600.00 New Money 2020 Aa3/AA-/AA- Various Highway Projects FSA
  Feb-09 600.00 New Money 2021 Aa3/AA-/AA-   None
Idaho
  May-06 194.34 New Money 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 New Money 2026 Aa3/A+ Assured
  Jan-09 172.21 New Money 2028 Aa3/A+ None
  Jan-10 12.45 New Money 2017 Aa3/A+ None
  Jan-10 71.84 New Money 2028 Aa3/A+ None
  Jul-11 72.93 New Money 2029 Aa2/NR/A+ None
  Oct-12 34.89 New Money 2025 Aa/na/A None
  Jan-14 75.15 New Money 2031 Aa3/na/A+ None
Kentucky
  May-05 139.64 New Money 2017 Aa3 / AA-/AA- Three Interstate widening and rehabilitation projects (Interstates 64, 65 and 75 projects) MBIA No Backstop
  Sep-07 277.91 New Money 2019 Aa3 / AA-/AA- Ambac
  Feb-10 89.71 New Money 2022 AA-/Aa3/AA Louisville Southern Indiana Ohio River Bridges Project None No Backstop
  Jul-13 212.55 New Money 2025 Aa3/AA/A+ Louisville Southern Indiana Ohio River Bridges Project None No Backstop
  Mar-14 132.18 New Money 2026 A1/AA/A+ US 68/US 80 Reconstruction and Kentucky Lake Project & Lake Barkley Project None No Backstop
  Mar-14 39.77 Refunding 2017 A1/AA/A+ Refund Series 2005 Bonds maturing Sept. 2015 - Sept. 2017 None No Backstop
Maine
  Dec-04 48.40 New Money 2015 Aa3/NA/AA- Demolition and Rebuilding of the Waldo-Hancock Bridge Ambac No Backstop
  Sep-08 50.00 New Money 2020 Aa3/NA/AA- Three Highway Construction Projects and 12 bridge projects None No Backstop
  Nov-10 50.00 New Money 2022 Aa2/NR/AA- Fore River Bridge None No Backstop
Maryland
  May-07 325.00 New Money 2019 Aa2/AAA/AA Intercounty Connector None Irrevocable pledge of state tax revenues deposited in the state's Transportation Trust Fund.
  Dec-08 425.00 New Money 2020 Aa2/AAA/AA Intercounty Connector None
Mississippi
  May-99 200.00 New Money 2008 Aa1/AAA/AAA Highway Projects None Motor Fuel Tax
  Jan-05 45.00 New Money 2016 Aaa/AAA Highway Projects (Tunica County) FGIC No Backstop
  Oct-05 32.00 New Money 2017 Aaa/AAA Highway Projects (City of Laurel) FGIC No Backstop
  Oct-05 102.00 New Money 2017 Aaa/AAA Highway Projects (Harrison County) FGIC No Backstop
  Sep-06 145.00 New Money 2019 Aaa/AAA Highway Projects (Madison County) FGIC No Backstop
  Oct-07 52.00 New Money 2017 Aaa/AAA Highway Projects (Marshall County) AMBAC No Backstop
  Oct-07 31.00 New Money 2017 Aaa/AAA Highway Projects (Desoto County) AMBAC No Backstop
  Aug-09 9.49 New Money 2014 A1/AA-/NR Highway Projects (Harrison County) None No Backstop
  Aug-09 63.30 New Money 2035 A1/AA-/NR Highway Projects (Harrison County) None No Backstop
  Mar-10 24.28 New Money 2014 A1/AA-/NR Highway Projects (Desoto County) None No Backstop
  Mar-10 136.78 New Money 2040 A1/AA-/NR Highway Projects (Desoto County) None No Backstop
  Jun-10 50.00 New Money 2012 A-1/P-1 MSDOT Highway Projects LOC, B&A Bank No Backstop
  Mar-11 17.22 Refunding 2018 Hancock Bank Private Placements   Private Placements
  May-12 28.68 Refunding 2025 Aa3/AA/na Advance Refund a Portion of the Series 2005 Bonds None No Backstop
  Oct-12 163.00 New Money 2028 Aa3/AA-/na Roads and/or Bridges Improvement in the Marshall County None No Backstop
  Apr-13 64.13 Refunding 2027 Aa3/AA/na Mississippi Highway Refunding Projects (Harris County, Series 2013A) None No Backstop
  Apr-13 20.82 Refunding 2027 Aa3/AA/na Mississippi Highway Refunding Projects (City of Laurel, Series 2013B) None No Backstop
  Apr-13 88.87 Refunding 2027 Aa3/AA-/NR Mississippi Highway Refunding Projects (Madison County, Series 2006 Bonds) None No Backstop
Montana
  Apr-05 122.75 New Money 2020 Aa3/A+ 44.8 miles of US 93 improvements MBIA No Backstop
  Jun-08 44.67 New Money 2023 Aa3/A+ None No Backstop
  May-12 50.92 Refunding 2020 Aa/AA/na Refund Series 2005 bonds maturing after 2016 (US Highway 93) None No Backstop
New Hampshire
  Nov-10 80.00 New Money 2023  Aa2/AA/– I-93 reconstruction and widening; interchange reconstruction None No Backstop
  May-12 98.25 New Money 2026 Aa2/AA/– None No Backstop
New Jersey
  May-06 131.56 New Money 2018 A1/A- Route 52 Causeway Replacement Contract Project FGIC No Backstop
New Mexico
  Sep-98 100.23 New Money 2015 A2/A/na New Mexico SR 44; US 70 Corridor Reconstruction Ambac No Backstop
  Feb-01 18.54 New Money 2011 A2/A/na New Mexico SR 44; US 70 Corridor Reconstruction Ambac No Backstop
North Carolina
  Sep-07 287.57 New Money 2019 Aa3/AA-/AA- Portions of 38 Construction Projects MBIA No Backstop
  Jul-09 242.50 New Money 2021 Aa3/AA-/AA- Group (44) Projects None No Backstop
  Dec-11 145.54 New Money 2023 Aa2/AA/AA- Monroe Connector System None No Backstop
  Jan-12 179.54 New Money 2019 Aa2/AA/AA- 49 Identified Projects Listed in Final OS None No Backstop
North Dakota
  Aug-05 51.45 New Money 2019 AA1/AA/na Highway and bridge projects FSA State Highway Fund
Ohio
May-98 70.00 New Money 2007 Aa2/AA-/AA- Various Projects Including: Spring-Sandusky and Maumee River Improvements None No Backstop
Aug-99 20.00 New Money 2008 Aa2/AA-/AA- None
Sep-01 100.00 New Money 2009 Aa2/AA-/AA- Various Highway and Bridge Projects None
Sep-02 135.00 New Money 2010 Aa2/AA/AA- None
Jan-04 113.77 New Money 2011 Aa2/AA-/AA- None
Jan-06 99.27 Refunding 2015 Aa2/AA-/AA- To refund Butler County Improvement District Highway Improvement Bonds (non-GARVEE); Various Butler County Highway Projects MBIA
Sep-06 180.00 New Money 2016 Aa2/AA-/AA- Various Highway and Bridge Projects MBIA
Nov-07 210.00 New Money 2017 Aa2/AA-/AA- FSA
Oct-08 375.00 New Money 2020 Aa2/AA-/AA- None
  May-10 215.00 New Money 2021 Aa1/AA/AA– State Infrastructure Projects None No Backstop
  Dec-10 230.00 New Money 2018 Aa1/AA/AA– State Infrastructure Projects None No Backstop
  Nov-12 183.53 New Money 2024 Aa1/AA/na Various Highway and Bridge Projects None No Backstop
Oklahoma
  Mar-04 47.58 New Money 2018 Aa3/na/A+ Projects in 12 corridors None No Backstop
Aug-05 48.88 New Money 2020 Aa3/na/A+ Ambac
Mar-07 95.68 New Money 2022 Aa3/na/A+ MBIA
Nov-08 98.23 New Money 2023 Aa3/na/A+   None  
Puerto Rico
  Aug-04 139.88 New Money 2021 A2/A/na Various Transportation Projects MBIA No Backstop
Rhode Island
  Nov-03 216.81 New Money 2015 Aa3/A+/AA- Freeway, Bridge and Freight Rail Improvement Projects FSA No Backstop
  Feb-06 184.62 New Money 2018 Aa3/A+/AA- FGIC
  Mar-09 169.40 New Money 2021 Aa3/A+/AA- Assured
Commonwealth of Virginia
  Feb-12 297.59 New Money 2027 Aa1/AA/na Downtown Tunnel/Midtown Tunnel/Martin Luther King Freeway Extension Project None Yes, Pledge of Indirect Reimbursements
  Jul-12 120.63 New Money 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 New Money 2009 na/na/BBB Enighed Pond Port Project and Red Hook Passenger Terminal Building FSA No Backstop
Washington
  May-12 500.40 New Money 2024 Aa2/AA/na Portion of SR 520 Floating Bridge and Eastside Project None No Backstop
  Sep-13 285.92 New Money 2024 Aa3/AA/na A portion of the SR 520 Floating Bridge and Eastside Plus West Approach Bridge Project None No Backstop
West Virginia
  Oct-06 75.97 New Money 2015 Aa3/AA-/na Route 35 Enhancements FSA No Backstop
  Apr-07 33.19 New Money 2015 Aa3/AA-/na FSA
  Mar-09 76.84 New Money 2015 Aa3/AA-/na None
Total   17,300.46