Tools & Programs:
Federal Debt Financing Tools
Grant Anticipation Revenue Vehicles (GARVEEs)
The following is a brief summary of GARVEE transactions in 2015.
- In January Alabama issued $533.2 million in GARVEEs through its Federal Aid Highway Finance Authority payable from a portion of state gasoline tax proceeds, federal-aid funds, and the state Debt Service Fund. Revenues will be used for various road and bridge projects throughout the state as part of the $1.2 billion Alabama Transportation Rehabilitation and Improvement Program (ATRIP). Pursuant to an MOU between FHWA and Alabama DOT, and a series of project agreements, various projects will be pre-approved for federal reimbursement under the Advance Construction procedure, and Alabama DOT will elect to seek reimbursement for debt service and/or related issuance costs in lieu of reimbursement for construction costs.