GARVEE Bonds to Finance Idaho Projects

Staff | September 28, 2010

Boise— Bonds to construct highway projects on U.S. 30 in eastern Idaho and rebuild interchanges in southwestern Idaho were to be sold in late January, the Idaho Transportation Department announced.

The Idaho Housing and Finance Association planned to issue $176 million in GARVEE bonds. The bond sale had been scheduled in November 2008, but it was postponed because of instability in the country's financial markets.

"Our financial advisors at the Idaho Housing and Finance Association tell us the bond market has stabilized," Idaho Transportation Department Director Pamela Lowe said in mid-January. "The bonds will fund the construction of five projects this summer, preliminary work on two more, and create approximately 3,500 jobs."

The program uses Grant Anticipation Revenue Vehicle (GARVEE) bonds to expedite highway improvements. The Idaho Legislature previously authorized the transportation department to issue $597 million in bonds through a partnership with the Idaho Housing and Finance Association.

The following projects will be financed with the selling of the bonds:

  • U.S. 30, Topaz Bridge, construction;
  • U.S. 30, Portneuf crossings, construction;
  • U.S. 30, 12th Street to Crystal Springs, construction;
  • I-84, Ten Mile Interchange, construction;
  • I-84, Franklin to Garrity Interchange, design and right-of-way;
  • I-84, Orchard Interchange, construction;
  • I-84, Vista Avenue Interchange, right-of way.

The ITD is requesting an additional $125 million in bonding authority from the 2009 Idaho Legislature to fund the following projects:

  • I-84, Cole to Broadway widening;
  • I-84, Vista Avenue Interchange, construction;
  • I-84, Garrity Interchange, widening;
  • Idaho 16, U.S. 20/26 to Idaho 44, engineering.