Grant Anticipation Note

(redirected from Grant Anticipation Revenue Vehicles)

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.
References in periodicals archive ?
Information pertaining to major projects and financial tools such as private activity bonds and grant anticipation revenue vehicles is updated frequently, and the TIFIA interest rate is updated daily.
According to Bouchard, the federal government also allows states to borrow against any anticipated federal highway grants through the use of grant anticipation revenue vehicles, or GARVEE, bonds.
Grant Anticipation Revenue Vehicles, or GARVEE bonds as they are commonly known, are financing instruments available to states for transportation projects.
While it was subsequently extended 10 times, lack of a longer term commitment left many feeling unsure of the federal government's commitment to transportation funding, including grant anticipation revenue vehicles (GARVEEs).
GARVEE is an acronym for Grant Anticipation Revenue Vehicles.
Debt rose in recent years with issuance of federal grant anticipation revenue vehicles (GARVEEs) for highway purposes; there is approximately $593 million in GARVEEs outstanding.
NEW YORK -- Fitch Ratings has updated its criteria report for rating grant anticipation revenue vehicles (GARVEE).
NEW YORK -- Today, Fitch Ratings released a special report highlighting the credit risks for grant anticipation revenue vehicles (GARVEEs) associated with the decline of the highway trust fund (HTF) balance.
These will include grant anticipation revenue vehicles, to be issued in 2009.