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.
She has served as bond counsel, disclosure counsel, underwriter's counsel and bank counsel in a broad variety of financings, including lease revenue, assessment and special tax, teeter obligation, sales tax revenue, enterprise revenue and tax increment bonds, certificates of participation, grant anticipation notes and commercial paper.
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.
CHICAGO -- Fitch Ratings affirms the 'AA' rating on the Arizona State Board of Transportation's (the board) approximately $335 million in outstanding grant anticipation notes (GANs).
Financing and construction cash required for the approximately $12 billion Central Artery/Ted Williams Tunnel project loom large; costs are being met from federal aid, commonwealth bonding, federal grant anticipation notes (expected to reach $1.
NEW YORK -- Fitch Ratings affirms the 'AA+' rating on approximately $510 million of outstanding Commonwealth of Massachusetts (the Commonwealth) senior lien refunding grant anticipation notes (GANs), series 2003A and 2010A.
The authority may apply its unused fiscal 1996 debt capacity to guarantee $400 million grant anticipation notes of the New Jersey Transit Corp.
CHICAGO -- Fitch Ratings assigns an 'AA' rating to the Arizona State Board of Transportation's (the board) approximately $44 million series 2012 refunding grant anticipation notes (GANs).
In addition, Fitch affirms its 'AA-' rating on the approximately $373 million in outstanding grant anticipation notes (GANs) issued in 2007 and 2009.
NEW YORK -- Fitch Ratings affirms the 'AA+' rating on approximately $667 million of outstanding Commonwealth of Massachusetts (the commonwealth) senior lien refunding grant anticipation notes (GANs), series 2003A and 2010A.
NEW YORK -- Fitch Ratings assigns an 'AA-' rating to approximately $250 million North Carolina Department of Transportation (NCDOT) grant anticipation notes (GANs), series 2009.