Post Content

MassPike Logo

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.

Learn more.  Visit the Turnpike Authority website

Written By:

Recent Posts

Winter Storm Update: Statewide Travel Ban, MBTA Closed Tuesday, January 27 posted on Jan 26

Winter Storm Update: Statewide Travel Ban, MBTA Closed Tuesday, January 27

Governor Charlie Baker has signed an Executive Order allowing for the enforcement of a statewide travel ban effective at midnight, Monday, January 26. The following exceptions shall exist for the ban and all drivers are encouraged to remain safe and use their best judgment:     …Continue Reading Winter Storm Update: Statewide Travel Ban, MBTA Closed Tuesday, January 27

Winter Storm: Safe Travel Tips posted on Jan 26

Winter Storm: Safe Travel Tips

With a major winter storm upon us this week, travel should be avoided during the storm. If you must travel today or immediately following the storm, be sure to Prepare Your Vehicle For Winter Driving and bring Winter Car Supplies. Use Common Sense While Driving   …Continue Reading Winter Storm: Safe Travel Tips

Longfellow Bridge: Overnight Demolition Work Begins February 2 posted on Jan 23

Longfellow Bridge: Overnight Demolition Work Begins February 2

MassDOT contractors for the Longfellow Bridge Rehabilitation Project will temporarily perform overnight demolition work beginning on Monday, February 2, 2015. This schedule will be in place for four to six weeks. The work hours are from 11:00 PM to 7:00 AM. During the work, two   …Continue Reading Longfellow Bridge: Overnight Demolition Work Begins February 2