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 ?
Wilson, Ph.D., announced the states intention to utilize federal Grant Anticipation Revenue Vehicle Bonds (GARVEE Bonds) to construct four major projects in three areas of Louisiana that have been part of the States Transportation Master Plan for decades.
The first sale of federal Grant Anticipation Revenue Vehicle bonds was held in March 2000 for $175 million.
New York: Fitch Ratings has affirmed the ratings for the following standalone grant anticipation revenue vehicle (GARVEE) bonds:
In Alabama, GARVEE (grant anticipation revenue vehicle) bonds were used to finance the replacement or repair of 1,300 county bridges, many of which were in such bad shape that it was unsafe for school buses to cross them.
The new law has a provision called a Grant Anticipation Revenue Vehicle (GARVEE) that allows states to borrow against future federal entitlements through bond issues to speed up work on highways.
grant anticipation revenue vehicles (GARVEE) bonds criteria.
CIFS offers expertise on a variety of innovative finance options, including Grant Anticipation Revenue Vehicles (GARVEEs), State infrastructure banks, revenue tools, and public-private partnerships.
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: An Option to Finance Transportation Projects"
Grant anticipation revenue vehicles (GARVEEs) allow states to issue bonds secured with the pledge of future federal aid funds.
The center provides assistance with many highway financing options, including Grant Anticipation Revenue Vehicles (GARVEEs), State infrastructure banks, tolling, and pricing, among others.
The $635 million project relies on a $211 million Transportation Infrastructure Finance and Innovation Act (TIFIA) loan, a $125 million Grant Anticipation Revenue Vehicles (GARVEE) bond and more than $53 million in other federal-aid funding.