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

Governor Baker, Mayor Walsh Announce Joint Community Redevelopment Venture in Downtown Boston posted on Feb 9

Governor Baker, Mayor Walsh Announce Joint Community Redevelopment Venture in Downtown Boston

Today as part of the Baker-Polito Administration’s “Open for Business” Real Estate Asset Leveraging (REAL) Strategy, Governor Charlie Baker and Boston Mayor Martin J. Walsh announced a joint state and city venture with Veolia North America to explore the strategic redevelopment of the Massachusetts Department   …Continue Reading Governor Baker, Mayor Walsh Announce Joint Community Redevelopment Venture in Downtown Boston

MBTA: Green Line Service Temporary Suspension between Park and Haymarket posted on Feb 9

MBTA: Green Line Service Temporary Suspension between Park and Haymarket

On selected weekends and nights, MBTA Green Line service will be suspended in both directions between Park and Haymarket stations to allow for platform work as part of the Government Center Station project. The diversion will allow personnel access to the Government Center Green Line   …Continue Reading MBTA: Green Line Service Temporary Suspension between Park and Haymarket

MassDOT Prepares for Winter Storm posted on Feb 7

MassDOT Prepares for Winter Storm

  The Massachusetts Department of Transportation (MassDOT) is preparing for a significant winter storm which is scheduled to arrive in some areas of the state overnight tonight and early Monday morning and which will bring blizzard conditions to areas along the South Shore as well   …Continue Reading MassDOT Prepares for Winter Storm