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 |
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. |
|
|
|
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 |
|
|
|
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 |
|
|
|
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 |
|
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 |
None |
No Backstop |
| |
Apr-13 |
88.87 |
Refunding |
2027 |
Aa3/AA/na |
Mississippi Highway Refunding Projects (Harris County, Series
2013A & City of Laurel, Series 2013B) |
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 |
|
|
|
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 |
|
16,267.47 |
|
|
|
|
|
|