Governor Deval Patrick and legislative leaders announced that the Commonwealth has saved $190 million in transportation-related costs as a direct result of sweeping transportation reform signed into law one month ago.
Due to five risky financial transactions – so-called “swaptions” – entered into by the Turnpike Authority in 2001, the Authority was at direct risk of having to pay the financial institution UBS $257 million dollars immediately. The passage of transportation reform improved the Authority’s bond rating to the point of negating the need to pay $190 million of that amount.
In addition, UBS extended the July 24th deadline for payment or other resolution of the final swaption – valued at approximately $67 million – to allow for more time for the state to reach a similarly positive result.
MassDOT: Prioritizing Capital Projects Recommendations posted on Jul 2
MassDOT Secretary and CEO Stephanie Pollack today announced the publication of new recommendations for the evaluation and prioritization of proposed capital projects. The recommendations have been submitted to MassDOT by an independent Project Selection Advisory Council, which has worked for 18 months to develop a …Continue Reading MassDOT: Prioritizing Capital Projects Recommendations
MassDOT Secretary Pollack Launches Youth Pass Pilot Program posted on Jul 1
MassDOT Secretary & CEO Stephanie Pollack launched a year-long pilot program that will provide MBTA monthly passes to up to 1,500 youth between the ages of 12 and 21 in the cities of Boston, Somerville, Chelsea and Malden. At Roxbury’s Dudley Station, Secretary Pollack was …Continue Reading MassDOT Secretary Pollack Launches Youth Pass Pilot Program
July 4th Holiday Services Update posted on Jun 30
MassDOT encourages safe travel during the upcoming July 4 holiday weekend. Before you drive, check our live Traffic Cameras web page to view current conditions. Traffic is especially heavy at the I-84 interchange at Exit 9 in Sturbridge on the day before the holiday and …Continue Reading July 4th Holiday Services Update