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Federal Debt Financing Tools

Grant Anticipation Revenue Vehicles (GARVEEs)

Recent Highlights


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.


  • In May, North Carolina issued its fifth series of GARVEEs since it enacted its State GARVEE Program in 2005. To date, North Carolina DOT has identified 60 highway projects across the state to fund with GARVEE proceeds since the launch of its GARVEE program. Fourteen projects have received funding from the first four issuances, and three additional projects are slated to share in $264.9 million from this 2015 sale. The projects include the new four-lane I-140/US-17 Wilmington Bypass in Brunswick and New Hanover Counties to separate through traffic from local traffic in downtown Wilmington; a portion of a new six-lane freeway in Forsyth County around the north side of Winston-Salem known as the Winston-Salem Northern Beltway; and a portion of a new six-lane freeway loop around Greensboro in Guilford County known as the Greensboro NW Loop.


  • Kentucky issued $106.9 million in GARVEEs in October to continue financing improvements to US 68/US 80 between Aurora and Cadiz in the southwestern portion of the state, northwest of Nashville, Tennessee. The roadway is being reconstructed and widened in certain locations and the bridges over Kentucky Lake and Lake Barkley are being replaced. The Kentucky Lake Bridge contract was awarded in February 2014 and the Lake Barkley Bridge contract in February 2015. The anticipated completion of the entire project is September 2018 at cost of $512 million according to the 2014 Financial Plan Update. Further information is available at the Kentucky Transportation Cabinet's project website.


  • The Virgin Islands issued $89.9 million in GARVEEs in December to finance nine approved projects from its Territory-Wide Transportation Improvement Plan. The nine projects - eight on St. Croix and one on St. Thomas - generally consist of roadway pavement reconstruction or rehabilitation, bridge replacement, sidewalk and shared bike/pedestrian path installation, geometric and safety improvements, drainage improvements, utility relocation, lighting, signage, and striping.
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