Grant Anticipation Revenue Vehicle (GARVEE) Bonds

GARVEE bonds are financing instruments backed by a pledge of future Federal-aid from USDOT. States must enact enabling legislation providing the authority to issue GARVEE debt, and a great variety in GARVEE procedures exist from state to state. GARVEEs generate upfront capital for major capital projects that a state would likely be unable to construct in the near-term using traditional pay-as-you-go funding approaches. Bond-related costs eligible for Federal-aid reimbursement include interest payments, retirement of principal, and any other cost incidental to the sale of an eligible bond issue. States, political subdivisions, and public authorities have issued GARVEE debt. The following list indicates states that have done so.

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Issued GARVEEs

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Georgia
Idaho
Kentucky
Maine
Maryland
Montana
New Mexico
North Carolina
North Dakota
Ohio
Oklahoma
Puerto Rico
Rhode Island
Virgin Islands
West Virginia