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.
EZPass: New Service to Reload Transponders, Pay by Plate posted on Oct 17
MassDOT is supplementing All-Electronic Tolling at the Tobin Bridge with a new retail Cash Payment Network system. This program, which is now officially live, will allow cash preferred customers to pay their PAY BY PLATE MA invoices and replenish their MassDOT E-ZPass accounts at over …Continue Reading EZPass: New Service to Reload Transponders, Pay by Plate
Governor Patrick Announces Fairmount Line Service Upgrades posted on Oct 16
Governor Deval Patrick today joined MassDOT Secretary & CEO Richard A. Davey, MBTA General Manager Dr. Beverly Scott and state and local officials to announce a package of service upgrades to the MBTA‘s Fairmount Commuter Rail Line to improve the Line’s reliability, frequency and to …Continue Reading Governor Patrick Announces Fairmount Line Service Upgrades
Lowell: Thorndike Street Corridor, Lord Overpass Reconstruction Announced posted on Oct 14
Governor Deval Patrick today joined MassDOT Secretary Richard Davey and local officials to announce the reconstruction of the Thorndike Street corridor in Lowell, including the Lord Overpass. The Governor also announced that the project’s design would be advanced through an expedited process that will result …Continue Reading Lowell: Thorndike Street Corridor, Lord Overpass Reconstruction Announced