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Maine Issues $44.3 million in GARVEES for Ten Highway Projects

The Maine Department of Transportation in October issued $44.3 million in new GARVEEs that will partially finance 10 highway projects across the state. The projects consist of reconstruction and rehabilitation on approximately 26 miles of highways: Route 4 in Phillips-Madrid, River Road in Windham, Route 6 in Abbot, Route 1 in Van Buren, Route 1 in Camden, Route 1A in Hamden, and Route 1 in Presque Isle-Caribou. Two bridge replacements in Gardiner and Bangor, and one bridge wearing surface replacement on the Kittery-Portsmouth I-95 bridge will also be financed. The department also issued $9.9 million in GARVEEs to refund the outstanding principal on bonds issued in 2008 for 15 highway and bridge projects across the state. Maine has about $101.3 million in outstanding aggregate principal from GARVEEs issued since 2004.

Additional information on GARVEE bond issuances is available on the Project Finance website.

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