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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 May 2023

Current GARVEE Activity 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 Louisiana
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
Sep-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
Feb-15 533.18 New Money 2034 Aa1/AAA/na Various Road and Bridge Projects Throughout the State None The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds
Jun-17 416.65 New Money 2037 Aa1/AAA/na Various Road and Bridge Projects Throughout the State None The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds
Jun-17 139.98 Refunding 2026 Aa1/AAA/na Refund the 2012 Grant Anticipation Revenue Bonds None The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds
Oct-21 20.44 New Money 2037 Aa1/AAA/na Financing Various Capital Improvements and Paying for the Costs of Issuing Series 2021A Bonds None The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds
Oct-21 1,496.17 Refunding 2037 Aa1/AAA/na Reimbursing the Department for Additional Costs, Refunding all Outstanding Debt of the Issuer, and paying for the Costs of Issuing Series 2021B Bonds None The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds
Alaska Apr-03 102.81 New Money 2013 Aa2/AA/AA Eight Road and Bridge Projects FGIC No Backstop
Arizona Jul-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
Aug-03 125.20 New Money 2015 Aa3/AA-/AA- Certain Controlled-Access Highways within Maricopa County None
Aug-03 23.76 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
Nov-04 104.39 New Money 2016 Aa3/AA-/AA Maricopa County Highway Projects None
Jan-08 68.00 New Money 2014 Aa3/AA-/AA Maricopa County Highway Projects None
May-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
May-12 43.83 Refunding 2016 Aa/AA/AA Refund portions of the Series 2003 and 2004 bonds None
Oct-16 90.41 Refunding 2026 Aa2/AA+/AA Refund portions of the Series 2011 bonds None
Sep-17 62.60 New Money 2032 Aa2/AA+/AA Controlled-access highway projects None
Mar-19 62.47 New Money 2034 Aa2/AA+/AA Controlled-access highway projects None
Arkansas Mar-00 175.00 New Money 2011 Aa2/AA/na Interstate Highway Rehabilitation Projects None Full faith and credit of state, plus state motor fuel taxes.
Jul-01 185.00 New Money 2012 Aa2/AA/na None
Aug-02 215.00 New Money 2014 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
Nov-13 171.47 New Money 2025 Aa1/AA/na Various Interstate Highway Projects None
Dec-14 206.53 New Money 2026 Aa1/AA/na Various Interstate Highway Projects None
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 Jun-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 2016 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
Sep-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 Jun-10 113.49 New Money 2025 Aa2/AA/-- The US Route 301 None Federal highway funds
allocated annually by DELDOT
Oct-20 194.47 New Money 2035 A1/AA/-- Finance a portion costs of the I-95 rehabilitation project in Wilmington, Delaware None Federal highway funds
allocated annually by DEDOT
District of Columbia Feb-11 82.61 New Money 2025 Aa2/AA The Twin 11th Street Bridge None Includes those funds held in the Transportation Infrastructure Improvement Fund
Oct-12 42.94 New Money 2027 Aa2/AA Phase II of The Twin 11th Street Bridge None
Feb-20 227.71 New Money 2034 Aa2/AA To Finance a portion of the costs relatiung to the replacement & realignment of the Frederic Douglas Memorial Bridge & Interchanges None
Georgia Aug-06 360.00 New Money 2018 Aa3/AA-/AA-   MBIA No Backstop
Apr-08 480.00 New Money 2020 Aa3/AA-/AA- Various Highway Projects FSA
Mar-09 480.00 New Money 2021 Aa3/AA-/AA-   None
Aug-17 51.01 New Money 2029 A2/AA/A+ Interstate 285 None
Aug-17 231.32 Refunding 2021 A2/AA/A+ Refunding Series 2006, 2008A, & 2009A None
Dec-20 96.81 New Money 2032 A1/AA/A+ Finance a portion costs of planning, designing, engineering, acquisition and contruction of various projects None
Dec-20 387.36 New Money 2032 A2/AA/A+ 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
Apr-08 173.04 New Money 2026 Aa3/A+ Assured
Feb-09 172.21 New Money 2027 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
Jul-15 172.54 Refunding 2026 A2/na/A+ Refunding Series 2006 and 2008 Series A None Pledged Federal Direct GARVEE Payments and Federal Reimbursement Payments
Oct-17 91.27 Refunding 2027 A2/na/A+ Refunding Series 2008A and 2009A None
May-19 122.13 New Money 2037 A2/na/A+ US-95 (Garwood to Sagle), SH-16 (I-84 to South Emmett, and I-84 (Caldwell to Meridian) None
Apr-21 172.86 New Money 2039 A2/na/A+ SH-16, I-84 to South Emmett, I-84, Coldwell to Merridan, and other related expenses 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
Aug-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
Oct-15 106.85 New Money 2027 A2/AA/A+ Reconstruction of US 68/KY 80 from Aurora to Cadi Kentucky and the construction of Kentucky Lake Project and Lake Barkley Project None No Backstop
Louisiana Apr-19 185.00 New Money 2031 NA/AA/NR Funding for the GARVEE Program None No Backstop
May-21 155.24 New Money 2033 NA/AA/NR Funding for the GARVEE Program 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
Dec-10 50.00 New Money 2022 Aa2/NR/AA- Fore River Bridge None No Backstop
Dec-14 44.81 New Money 2026 A2/NR/A+ A portion of the cost of the replacement of the Sarah Mildred Long Bridge and the Penobscot River Bridge None No Backstop
Nov-16 44.11 New Money 2028 A2/NR/A+ Nine highway reconstruction projects None No Backstop
Oct-18 44.31 New Money 2030 A2/AA/NR Portion of reconstruction and rehabilitation work on approximately 26 miles of highways None No Backstop
Oct-18 9.88 Refunding 2030 A2/AA/NR Refunding a portion of series 2008A bonds None No Backstop
Oct-20 60.93 New Money 2032 A2/AA/NR Portion of the costs of fourtheen (14) projects: 5 highway construction/reconstruction projects and 9 bridges projects None No Backstop
Oct-22 47.18 New Money 2034 A2/AA/NR Portion of the costs of nine projects: 5 highway construction/reconstruction projects, 4 bridges projects and the cost of issuance of offered bonds None No Backstop
Maryland Jun-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 Irrevocable pledge of state tax revenues deposited in the state's Transportation Trust Fund.
Aug-17 67.15 Refunding 03/01/2019 NA Refunding a portion of series 2007 bonds None No Backstop
Mississippi Jun-99 200.00 New Money 2009 Aa1/AAA/AAA Four-Lane Highway Program None Motor Fuel Tax
Jan-05 45.00 New Money 2025 Aaa/AAA Highway Projects (Tunica County) FGIC No Backstop
Oct-05 32.00 New Money 2026 Aaa/AAA Highway Projects (City of Laurel) FGIC No Backstop
Oct-05 102.00 New Money 2026 Aaa/AAA Highway Projects (Harrison County) FGIC No Backstop
Oct-06 145.00 New Money 2027 Aaa/AAA Highway Projects (Madison County) FGIC No Backstop
Oct-07 52.00 New Money 2035 Aaa/AAA Highway Projects (Marshall County) AMBAC No Backstop
Oct-07 31.00 New Money 2035 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
Mar-11 17.22 Refunding 2018 Hancock Bank Private Placements   Private Placements
Jun-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 2026 Aa3/AA/na Mississippi Highway Refunding Projects (Harris County, Series 2013A) None No Backstop
May-13 20.82 Refunding 2026 Aa3/AA/na Mississippi Highway Refunding Projects (City of Laurel, Series 2013B) None No Backstop
May-13 88.87 Refunding 2027 Aa3/AA-/NR Mississippi Highway Refunding Projects (Madison County, Series 2006 Bonds) None No Backstop
Jul-14 82.94 New Money 2030 Aa3/AA-/NR Highway Project (Desoto County) None No Backstop
Sep-15 39.57 Refunding 2035 Aa3/AA-/NR Mississippi Highway Refunding Projects (Marshall County, Series 2007 Bonds maturing in years 2019 thru and including 2035) None No Backstop
Sep-15 24.16 Refunding 2035 Aa3/AA-/NR Mississippi Highway Refunding Projects (Desoto County, Series 2007 Bonds maturing in years 2019 thru and including 2035) None No Backstop
Jun-17 59.45 Refunding 2028 AA3/AA- Advance Refunding and Defease Series 2012 Marshall County IDA Bonds None No Backstop
Nov-19 49.04 Refunding 2030  Aa3/AA- Advance Refunding & Defease Series 2010, 2014, 2015, & 2017 Desoto County IDA 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 2023 Aa/AA/na Refund Series 2005 bonds maturing after 2016 (US Highway 93) None No Backstop
Mar-16 22.54 Refunding 2023 A2/AA/na Refund Series 2008 bonds maturing in 2016 and thereafter (US Highway 93) None No Backstop
New Hampshire Nov-10 80.00 New Money 2026 Aa2/AA/- I-93 reconstruction and widening; interchange reconstruction None No Backstop
May-12 98.25 New Money 2020 Aa2/AA/- None No Backstop
New Jersey Jun-06 131.56 New Money 2018 A1/A- Route 52 Causeway Replacement Contract Project FGIC No Backstop
New Mexico Oct-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
Jul-21 234.60 New Money 2032 Aa2/AA/na Financing the costs of state transportation projects consisting of 2021A projects Ambac No Backstop
North Carolina Oct-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
May-15 264.93 New Money 2030 A2/AA/A+ 60 Identified Projects Listed in Final OS None No Backstop
Aug-17 224.64 Refunding 2023 A2/AA/A+ Advance Refunded Series 2007, 2009, & 2011 None No Backstop
Jun-19 600.00 New Money 2034 A2/AA/A+ GARVEE Program (Fund Eligible Projects) None No Backstop
Sep-21 252.60 New Money 2036 A2/AA/A+ GARVEE Program (Fund Eligible Projects) None No Backstop
North Dakota Aug-05 51.45 New Money 2020 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
Oct-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 2020 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
Dec-14 155.88 New Money 2024 Aa2/AA/na Various Highway and Bridge Projects None No Backstop
Dec-14 62.27 Refunding 2019 Aa2/AA/na Advance Refunded Series 2008-1 None No Backstop
Aug-16 217.57 New Money 2028 Aa2/AA/na Various Highway and Bridge Projects None No Backstop
Mar-18 369.98 New Money 2030 As2/AA/na Various Highway and Bridge Projects None No Backstop
Dec-19 180.01 New Money 2031 As2/AA/na Various Highway and Bridge Projects None No Backstop
Jun-21 91.98 New Money 2032 As2/AA/na Paying Costs of the Major New State Infrastructure Projects None No Backstop
Jun-21 58.22 Refunding 2024 As2/AA/na Refunding for the Bond Service Charge Savings Certain Outstanding State of Ohio Major New State Infrastructure Project Revenue Bonds 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 2021 Aa3/na/A+ None
May-18 61.51 New Money 2033 na/AA/na Gilcrease Expressway Western Segment None No Backstop
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
Mar-06 184.62 New Money 2018 Aa3/A+/AA- FGIC
Apr-09 169.40 New Money 2021 Aa3/A+/AA- Assured
Jun-16 230.28 Refunding 2024 A2/AA-/na Refunding Series 2016A and Series 2009A None
Oct-16 245.93 New Money 2031 A2/AA-/na The Rhode Island Bridge Projects None
May-20 165.56 New Money 2035 A2/AA-/na The Rhode Island Bridge Projects None
Commonwealth of Virginia Mar-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
Nov-13 273.39 New Money 2029 Aa1/AA/na The Route 460 Corridor Improvement Project and the I-495 Express Lanes Shoulder-Use, Northern Section Project None Yes, Pledge of Indirect Reimbursements
Oct-16 316.93 New Money 2031 Aa1/AA+/AA+ High priority projects program pursuant to section 33.2-370 of VA Code None Yes, Pledge of Indirect Reimbursements
Nov-17 483.00 Refunding 2032 Aa1/AA/AA+ Refunding Series 2012A, Series 2012B, and Series 2013A None Yes, Pledge of Indirect Reimbursements
Nov-18 77.06 New Money 2034 Aa1/AA+/AA+ GARVEE Note Program (Fund Eligible Projects None Yes, Pledge of Indirect Reimbursements
Sep-20 100.76 New Money 2034 Aa1/AA+/AA+ GARVEE Note Program (Fund Eligible Projects) None Yes, Pledge of Indirect Reimbursements
Virgin Islands Oct-02 20.80 New Money 2009 na/na/BBB Luther King Freeway Extension Project FSA No Backstop
Dec-15 89.88 New Money 2033 na/A/na To finance all or a portion of the costs of the approved projects None
Washington Jun-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
Jun-22 118.16 Refunding 2024 na/AA/na Refunding Series 2012F (SR520 Corridor Program)
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
Dec-16 53.38 New Money 2016 A2/AA/na US Route 119 Near Its Intersection with WV3 Near Danville in Boon County, WV None
Oct-17 219.99 New Money 2029 A2/AA/na Bridge Replacement Projects None
Aug-18 78.81 New Money 2033 A2/AA/na 36 Projects in 23 counties None
Total 28,336.74  
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