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Grant Anticipation Revenue Vehicles (GARVEEs)

Recent Highlights

2019

The following is a brief summary of GARVEE transactions in 2019.

March

  • Arizona issued approximately $62.5 million in GARVEEs in March, netting $75 million including a portion of the issue premium for use on Interstate, US Highway, and State Route projects around the state:
    • 11 miles of pavement reconstruction along I-8 in Pinal County
    • 15 miles of pavement preservation along westbound I-40 between the Markham Wash Bridge and the East Seligman traffic interchange in Seligman, Yavapai County
    • 10.5 miles of pavement rehabilitation along I-40 near Joseph City, Navajo County
    • Replacement of the existing nine-span, steel arch Pinto Creek Bridge along US 60, six miles west of Miami in Gila County, with a new four-span haunch girder bridge on a new alignment, along with reconstructed roadway approaches
    • 20 miles of pavement rehabilitation along Route 72 in La Paz County
    • 10 miles of pavement rehabilitation, shoulder widening, and drainage improvements along US 93 from White Hills Road to 11th Street, 32 miles north of Kingman in Mojave County

April

  • The State of Louisiana passed GARVEE enabling legislation in 2002 (amended in 2015). The State issued its first $185 million in GARVEEs in April 2019 as part of a GARVEE Program of projects. Additional GARVEE issuance may not exceed $650 million in total. The GARVEE Program consists of the following projects:

May

  • The State of Idaho's eleventh GARVEE issue since 2006 raised nearly $138 million (including the issue premium, net of an escrow deposit and the cost of issuance) for its GARVEE Transportation Program. When first authorized in 2005, Idaho's GARVEE program consisted of 13 legislatively identified projects or corridors and an original expected total cost of $998 million. However, one project was ultimately funded by the Recovery Act, and additional bid savings resulted in a final program cost of $857 million when completed. Subsequently, the Idaho Legislature in 2017 authorized an additional $300 million in new bonds to fund projects in 12 of the 13 original corridors. Ultimately, three corridors were selected by the Idaho Transportation Board to fund with the new program:

June

  • The State of North Carolina has issued GARVEE bonds roughly every two years since original passage of its GARVEE Act in 2005 and execution of a memorandum of agreement with FHWA in 2007. In June 2019, the State issued $600 million in new money for 25 projects around the state, bringing the total of completed and proposed GARVEE-funded projects since the Act's inception to 80. Projects proposed for construction with the new funding include the US 70 Havelock Bypass in Craven County, segments of the Future I-74 Winston-Salem Northern Beltway, segments of the Future I-295 Fayetteville Outer Loop, and a number of interchange improvement, widening, and pavement rehabilitation projects on multiple state routes and interstates.
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