Skip to main content

Tools & Programs

Federal Debt Financing Tools

Grant Anticipation Revenue Vehicles (GARVEEs)

Recent Highlights


The following is a brief summary of GARVEE transactions in 2017.


  • The State of Alabama issued $556.6 million in GARVEEs in June. Of that total, $140.0 million will refund a portion of previous 2012 GARVEE issuance. In addition, various road and bridge projects across the state will be financed with $416.7 million in a second series of GARVEEs. The projects were pre-approved by FHWA for federal reimbursement under the Advance Construction procedures, and Alabama will seek reimbursement for GARVEE debt service in lieu of direct reimbursement for construction costs. These projects include replacement of bridges and interchange improvements on I-20/I-59 in Birmingham.


  • The State of Mississippi issued $59.5 million in GARVEE bonds in July to refund bonds issued in 2012 and originally slated to mature between 2023 and 2028. The 2012 bonds have supported the design, right-of-way acquisition, and construction of I-69/I-269 in Marshall County from the Desoto County line east to the border with Tennessee, scheduled to be complete by the end of 2018. The $270 million project has been supported primarily by proceeds from GARVEE bonds issued in 2007 and 2012.


  • The Georgia State Road and Tollway Authority (SRTA) issued a total of $282.3 million in GARVEE bonds in August. Of that total, $231.3 million will refund balances on Georgia's previous three GARVEE bond issues from 2006 (all outstanding bonds), 2008 (bonds maturing on or after June 1, 2019), and 2009 (bonds maturing on or after June 1, 2020). Additionally, $51.0 million will be used to finance right-of-way acquisition for planned dual express lanes in both directions along I-285 between I-75 to I-85 on the northern side of metropolitan Atlanta. SRTA anticipates issuing approximately $600 million in combined GARVEEs and toll revenue bonds in FY 2020 to provide further financing for the project.
Federal Highway Administration | 1200 New Jersey Avenue, SE | Washington, DC 20590 | 202-366-4000
To view PDF files download the Adobe Acrobat Reader®