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 ?
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.
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.
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.
Eventually, a commission appointed by Huckabee to study the problem came up with a way to quickly fund Interstate improvements without increasing taxes, using Grant Anticipation Revenue Vehicles (GARVEE) bonds.
Grant anticipation revenue vehicles (GARVEEs) allow states to issue bonds secured with the pledge of future federal aid funds.
"Grant Anticipation Revenue Vehicles: An Option to Finance Transportation Projects"
The center provides assistance with many highway financing options, including Grant Anticipation Revenue Vehicles (GARVEEs), State infrastructure banks, tolling, and pricing, among others.
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.
* Bond and other instrument debt financing, such as Private Activity Bonds, (www.fhwa.dot.gov/PPP/tools_pabs.htm), Transportation Infrastructure Finance and Innovation Act (tifia.fhwa.dot.gov), and Grant Anticipation Revenue Vehicles (GARVEE) bonds (www.fhwa.dot.gov/innovativeFinance/garguid1.htm)
GARVEE is an acronym for Grant Anticipation Revenue Vehicles. The grants refer to federal-aid assistance that states receive in the form of annual apportionments from the Federal Highway Administration (FHWA).