Fitch: Failure by Congress to Authorize New Funding Could Hurt Garvees

Sanchez, Humberto
March 2005
Bond Buyer;3/9/2005, Vol. 351 Issue 32086, p4
Trade Publication
Reports on the effect of the failure of the U.S. Congress to approve a new legislation that would authorize funding for highway and transit projects on the credit quality of grant anticipation revenue vehicle bonds or Garvees according to Fitch Ratings Inc. Issuance of Garvees by states to finance the construction of transportation projects; Extension of the Transportation Equity Act for the 21st Century's provisions to give lawmakers additional time to negotiate the details of a replacement measure; Difficulty of state transportation planners to begin large improvements because of the deadlock over replacing the law.


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