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

Plan Ahead for July 4 Travel posted on Jun 29

Plan Ahead for July 4 Travel

MassDOT encourages the public to travel safely on the 4th of July holiday weekend, drive during lower volume times on major roadways, and use public transportation where possible. MassDOT suspends all construction work on major arterial roadways from 12 p.m., Friday, July 1, through the   …Continue Reading Plan Ahead for July 4 Travel

Safe Routes to Schools: Baker-Polito Administration Honors 13 posted on Jun 29

Lt. Governor Karyn Polito today joined MassDOT in honoring 13 schools and individuals for their work to promote and train students to bicycle and walk to school in a safe manner as part of the Safe Routes to School Program. “I am thrilled to see   …Continue Reading Safe Routes to Schools: Baker-Polito Administration Honors 13

Longfellow Bridge Closure, MBTA Red Line Diversion July 8-11 posted on Jun 28

Longfellow Bridge Closure, MBTA Red Line Diversion July 8-11

MassDOT’s contractor will close the Longfellow Bridge and implement an MBTA Red Line diversion during the weekend of July 8 through July 10. The Longfellow Bridge will be closed to all vehicular traffic, except MBTA buses, from 11:00 PM on Friday, July 8, to 5:00   …Continue Reading Longfellow Bridge Closure, MBTA Red Line Diversion July 8-11