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: Federal Emergency Management Agency Reimbursements posted on Feb 18
MassDOT has succeeded in recovering more than $21 million dollars from the Federal Emergency Management Agency (FEMA) in 2016 for past disaster events. These are reimbursements for MassDOT operations and logistics during past federal government disaster declarations and the reimbursements have been deposited into the …Continue Reading MassDOT: Federal Emergency Management Agency Reimbursements
MassDOT to Expand Pothole Tracking Program posted on Feb 17
MassDOT has announced that it is in the process of expanding its new, innovative pothole information program which was piloted in areas of Central and Western Massachusetts over the past year and includes an online MassDOT Potholes Dashboard that provides data to the public. This …Continue Reading MassDOT to Expand Pothole Tracking Program
Baker-Polito Administration Announces First Municipal Small Bridge Program Awards posted on Feb 16
Lieutenant Governor Karyn Polito, municipal leaders, and MassDOT officials today announced the first two awards through the Baker-Polito Administration’s Municipal Small Bridge Program. A ceremony was held in Lenox to award a total of $750,000 to the towns of Washington and Blandford for small bridge …Continue Reading Baker-Polito Administration Announces First Municipal Small Bridge Program Awards