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Grant Anticipation Note

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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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The team has expertise in Grant Anticipation Revenue Vehicle bonds, grant anticipation notes, and State Infrastructure Bank capitalization; credit instruments such as Transportation Infrastructure Finance and Innovation Act funding; and tax incentives such as private activity bonds and tax-oriented leasing.
Resource center web site open for one-stop shopping by Breen, Tim / Public Roads
Intended to streamline and modernize municipal finance, the Revised Municipal Finance Act (Act 34) authorizes the use of several new types of securities, including bond anticipation notes (BANs), grant anticipation notes (GANs), and limited tax general obligation bonds.
Michigan Modernizes Municipal Finance Law. (New Briefs) by Government Finance Review
NEW YORK -- Fitch Ratings assigns an 'AA-' rating to approximately $250 million North Carolina Department of Transportation (NCDOT) grant anticipation notes (GANs), series 2009.
Fitch Rates North Carolina Dept. of Transportation GANs 'AA-' by Business Wire
 
 
 
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