The Idaho Transportation Department is refinancing the state’s GARVEE bonds for highway improvements for a second time, and says the state will save $13.1 million in interest costs as a result. The first time the GARVEE bond debt was refinanced to a lower interest rate, in 2015, the state saved $12.7 million. The GARVEE acronym loosely stands for Grant Anticipation Revenue Vehicle, and is a special type of bonding authorized by Congress that allows states to borrow against their future federal highway allocations, to complete bigger projects sooner. Idaho’s used the program to pay for $857 million in road and bridge work in the last 10 years; it first ventured in the bonding program at the urging of then-Gov. Dirk Kempthorne, who proposed a...
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ITD says state stands to save $13.1M by refinancing GARVEE bond debt to lower interest rate