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: New Customer Service Enhancements posted on Apr 24
The MBTA this week rolled out customer service enhancements that make public transit even easier to use: real-time arrival information for the Red, Orange & Blue Lines is now available at mbta.com, the Bus Countdown Clock system has been activated at Dudley station and the …Continue Reading MBTA: New Customer Service Enhancements
I-90 Pru Tunnel Work Scheduled: April 26-27 posted on Apr 22
Today, the Massachusetts Convention Center Authority (MCCA) and MassDOT announced the fourth and final weekend of lane restrictions on the Massachusetts Turnpike associated with the removal of the I-90 Prudential Tunnel ceiling in Boston. Due to the faster-than-anticipated progress on the ceiling removal, the fourth …Continue Reading I-90 Pru Tunnel Work Scheduled: April 26-27
Fall River: Route 79/Braga Bridge Project Demolition posted on Apr 22
MassDOT contractors beginning today as part of the Route 79/Braga Bridge Improvements Project will remove the portion of the elevated Route 79 over the intersection of Anawan Street/Pocasset Street and Davol Street. The work will take place today, Tuesday, April 22 through Friday, April 25. …Continue Reading Fall River: Route 79/Braga Bridge Project Demolition