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.
Plan Ahead for Memorial Day Weekend Travel posted on May 24
MassDOT encourages travelers to plan ahead and travel safely during the Memorial Day holiday weekend. The heaviest traffic is observed during Thursday, Friday, and Monday afternoons and early evenings. Drivers are encouraged to make travel plans accordingly and if possible avoid peak traffic volumes between …Continue Reading Plan Ahead for Memorial Day Weekend Travel
MBTA: Hoverboards Not Allowed posted on May 24
Effective immediately, hoverboards are prohibited on all MBTA property, including stations, buses, subways, trains, and commuter boats. MBTA subway and bus personnel, along with Keolis Commuter Rail staff have been informed that customers with hoverboards shall not be permitted to bring such devices into MBTA …Continue Reading MBTA: Hoverboards Not Allowed
MBTA General Manager DePaola Retirement posted on May 24
Frank DePaola, P.E., who has served as General Manager of the Massachusetts Bay Transportation Authority (MBTA) since February 2015, announced to staff that he plans to retire after his current appointment expires on June 30. Secretary of Transportation Stephanie Pollack thanked DePaola in a letter …Continue Reading MBTA General Manager DePaola Retirement