Federal Highway Reimbursement (Indirect GARVEEs)

Agency:  Department of Transportation
Purpose:  The bonds are issued to finance the construction, reconstruction, and improvement of projects eligible for federal-aid highway funds.
  • Pledged Revenues: The bonds are payable from all federal-aid highway funds received by the Department of Transportation that are legally available for the reimbursement of costs of eligible projects under Title 23 of the U.S. Code.
  • Debt Service Reserve Fund: No debt service reserve fund has been funded.
  • Lien Status: The bonds have a first lien on the pledged revenues.
  • Additional Bonds Test: Additional bonds may be issued so long as the average pledged revenues for the two immediately preceding fiscal years are at least 500% of maximum annual debt service on the outstanding bonds and the bonds proposed to be issued.
Frequency:  As capital needs dictate.
Florida Division of Bond Finance | 1801 Hermitage Centre, Suite 200 | Tallahassee, Florida 32308
Telephone: (850) 488-4782 | E-mail: bond@sbafla.com