Tools & Programs:
Federal Debt Financing Tools
Grant Anticipation Revenue Vehicles (GARVEEs)
The following is a brief summary of GARVEE transactions in 2014.
- Idaho made its eighth sale ($75.2 million) since May 2006 in support of its GARVEE Transportation Program to fund six critical transportation corridors throughout the state: US-95 Garwood to Sagle, US-95 Worley to Setters, SH-16, I-84 to South Emmett, I-84 Caldwell to Meridian, I-84 Orchard to Isaacs Canyon, and US-30 McCammon to Lava Hot Springs. The program is currently planned to utilize $857 million in proceeds. Funding authorizations are requested annually. The total GARVEE bonds sold to date amount to $807 million.
- Kentucky issued $132.2 million in GARVEEs in March to finance improvements to US 68/US 80 between Aurora and Cadiz in the southwestern portion of the state, northwest of Nashville, Tennessee. The roadway will reconstructed and widened in certain locations and the bridges over Kentucky Lake and Lake Barkley will be replaced. FHWA approved an Initial Finance Plan for these projects in September 2012. The Commonwealth also issued $39.8 million of GARVEEs to refund GARVEEs issued in 2005 that financed the widening and rehabilitation of I-64, I-65, and I-75 and were slated to mature between September 2015 and September 2017.
- Mississippi issued $82.9 million in GARVEE bonds in June to further construction on the expansion and extension of I-69/269 between US 55 and US 78 in Desoto County, just south of the Tennessee border. This is the third GARVEE issue since 2007 for this $376 million project, expected to be complete in 2018.