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Grant Anticipation Note
(redirected from GARVEE)

    Also found in: Acronyms 0.01 sec.
Grant Anticipation Note
A bond issued by a state government or state highway bank that is secured by future, expected federal highway funding. States issue grant anticipation notes to provide cash for immediate or time sensitive needs related to highway construction or maintenance. There is no guarantee the state will receive anticipated funding; however, once it is received, it is used to repay the bond. A grant anticipation note is also called a grant anticipation revenue vehicle or a GARVEE.
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Palmer, a spokesman for Schwarzenegger's Department of Finance, noted that the governor did try to keep some money flowing for transportation by approving the issuing of $800 million in GARVEE bonds - a device formally known as a grant anticipation revenue vehicle - which allow the state to borrow against future federal highway funds.
DEAD END FOR PROJECTS? TRANSPORTATION PLANS SWIPED BY BUDGET COULD ... by Daily News (Los Angeles, CA)
GARVEE allows states to borrow against future federal entitlements through bond issues to speed up work on highways.
Interstate repair program leads highway projects. (Construction) by Henry, John / Arkansas Business
In our June article on Trade Associations, we reported that the Associated General Contractor's opposition to GARVEE bonds resulted in the bond issue dying.
Clarification by Alaska Business Monthly
 
 
 
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