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.
References in periodicals archive ?
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).
Only after Grant Revenues and other revenues are deposited into the Grant Anticipation Note Fund do they become pledged revenues.
Massachusetts, Commonwealth of (MA) (Central Artery/Tunnel Project) grant anticipation notes series 1998B (all maturities); and
While the original rating for the grant anticipation notes (GANs) series 2004A was assigned April 22, 2004, the rating was not reflected on Fitch Ratings' web site.
In addition, Fitch affirms approximately $32 million in outstanding Grant Anticipation Notes (GANs), series 2002, at 'AA-'.
NEW YORK -- Fitch Ratings affirms the rating on New Jersey Transit Corporation's (NJ Transit) $262 million in outstanding Capital Grant Anticipation Notes (GANs or notes), series 2000B at 'BBB+'.
2 million Oklahoma Department of Transportation (ODOT) grant anticipation notes (GANs), series 2007A.
This issue will refund variable-rate grant anticipation notes (also rated 'AA-' by Fitch) due 2005-2009 and replaces them with fixed-rate trunk line fund bonds due 2010-2019.
NEW YORK -- Fitch Ratings assigns an 'A+' rating to approximately $50 million Oklahoma Department of Transportation (ODOT, or the department) grant anticipation notes (GANs), series 2005A.