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...Grant anticipation revenue vehicle garvee bonds frederick werner vivian gutierrez project finance program manager financial team leader office of innovative delivery puerto rico division federal highway administration outline lesson introduction to types and features garvees process examples programs summary objectives describe the various characteristics identify eligibility appropriate uses understand pros cons different explain fhwa s states respective roles responsibilities related become familiar with state projects vehicles definition generally tax exempt sold by backed repaid specific aid funds purpose issued provide new funding an eligible or refinance existing key provisions no guarantee repayment any pledges obligations must come from legislation executive authority local match is required every debt service advantages acceleration construction low interest rates for money re financings leveraging fed disadvantages cost loss future flexibility establishes rules on issue estab...