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ODOT details GARVEE sales, short‑term borrowing and tolling role for Interstate Bridge financing
Summary
Daniel Porter, ODOT finance and budget division administrator, told the Economic Development Subcommittee of Ways and Means on March 5 that the agency operates two distinct credit structures and is planning both short‑term and long‑term debt strategies for major projects.
Daniel Porter, ODOT finance and budget division administrator, told the Economic Development Subcommittee of Ways and Means on March 5 that the agency operates two distinct credit structures and is planning both short‑term and long‑term debt strategies for major projects.
Porter said one credit structure is pledged to state highway funds (highway user tax bonds) and carries strong ratings tied to the state. The second structure, GARVEE (Grant Anticipation Revenue Vehicle) bonds, is repaid with anticipated federal reimbursements. Porter told the committee ODOT sold about $257 million in GARVEE bonds last year and expects additional GARVEE borrowing in future biennia (Porter identified a planning figure around $377 million over…
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