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.
MBTA Debuts Performance Dashboard 2.0 posted on Jul 29
The MBTA has launched the next phase of the Performance Dashboard that tracks daily reliability levels of the four subway lines and all 170 bus routes. Responding to customer requests, the Performance Dashboard 2.0 now delivers performance trends over time. The updated dashboard also added …Continue Reading MBTA Debuts Performance Dashboard 2.0
RMV Unveils New Driver’s License and Security Features posted on Jul 26
The Massachusetts Registry of Motor Vehicles today unveiled a new Driver’s License and Mass ID design to be phased in over 5 years at no additional cost to customers. Last updated in 2010, the designs include new security features better protecting the identity of customers …Continue Reading RMV Unveils New Driver’s License and Security Features
Governor Baker Signs REAL ID Compliance Legislation posted on Jul 26
Governor Charlie Baker has signed bipartisan legislation to ensure Massachusetts’ compliance with the federal REAL ID Act, while adopting public safety standards so the Commonwealth’s citizens can continue to enter federal buildings and board domestic flights and ensuring that state credentials are issued to residents …Continue Reading Governor Baker Signs REAL ID Compliance Legislation