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.
MassDOT Secretary Announces MBTA Leadership Team posted on Jul 30
Today, MassDOT Secretary Stephanie Pollack announced Brian Shortsleeve will serve as the Chief Administrator for the MBTA, working alongside the newly appointed Fiscal and Management Control Board (FMCB), interim General Manager Frank DePaola, who will continue in his current role focusing solely on operations and …Continue Reading MassDOT Secretary Announces MBTA Leadership Team
MBTA Orange Line Service Alert: Suspension of Weekend Service August 1-2 posted on Jul 29
The MBTA has scheduled necessary track maintenance activities on the Orange Line for this weekend, Saturday, August 1st and Sunday, August 2nd. Weekend service will be suspended between Forest Hills and Ruggles Stations. During the suspension of service, work crews will remove and replace rail …Continue Reading MBTA Orange Line Service Alert: Suspension of Weekend Service August 1-2
Longfellow Bridge: August Closures Update posted on Jul 29
The Longfellow Bridge Rehabilitation Project moves forward with demolition work that will require bridge closures. MassDOT’s contractor, White-Skanska-Consigli JV (WSC), will periodically close the Longfellow Bridge to all vehicular traffic beginning on Saturday, August 1 through Friday, August 21. The closures are necessary to safely …Continue Reading Longfellow Bridge: August Closures Update