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.
Security:
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.