Glossary of Municipal Securities Terms

GARVEE BOND

A colloquial term for a grant anticipation revenue obligation. Garvee bonds are authorized under the National Highway System Designation Act of 1995 as a mechanism for allowing state and local agencies to issue debt for transportation projects using future federal highway funds to repay the principal, interest, and any other costs associated with the issuance of the debt. Compare: NOTE – Grant anticipation notes.

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