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.
Remembering the Fall River Line posted on Feb 28
South Coast Rail will transport passengers to Boston from Fall River and New Bedford. Both South Coast cities have rich histories, including Fall River’s stint as a gateway to the mid-Atlantic. Until about 80 years ago, the most direct route to New York City from …Continue Reading Remembering the Fall River Line
Comprehensive New England Regional Transportation Maps posted on Feb 27
MassDOT today announced release of the first ever comprehensive New England Regional Transportation Maps. These maps show all privately operated rail, bus, and ferry service across New England and connecting services to New York State. MassDOT’s Rail & Transit Division developed the maps in coordination …Continue Reading Comprehensive New England Regional Transportation Maps
Casey Arborway Project Public Meeting: March 9 posted on Feb 27
A second construction update Public Information Meeting for the Casey Arborway Project has been scheduled as follows: Monday, March 9, 7:00-9:00 PM, Boston English High School Auditorium, 144 McBride Street, Jamaica Plain The purpose of this meeting will be to provide the Jamaica Plain community …Continue Reading Casey Arborway Project Public Meeting: March 9