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.
Route 79/Braga Bridge Project Public Meeting Set posted on Apr 17
Please join MassDOT at a public meeting for an update on construction progress on the Route 79/Braga Bridge Improvements Project, as follows: Wednesday, April 30, 6:30 pm to 8:30 pm, Heritage State Park Auditorium, 200 Davol Street, Fall River The meeting will include an opportunity …Continue Reading Route 79/Braga Bridge Project Public Meeting Set
MBTA: New Locomotive Now in Service posted on Apr 16
MBTA General Manager Dr. Beverly Scott today at Boston North Station welcomed the first of 40 new Commuter Rail locomotives as it was placed into service on the Haverhill Line. To replace existing locomotives between 35 and 40 years old, the MBTA is procuring forty …Continue Reading MBTA: New Locomotive Now in Service
Plan Ahead: Holiday Weekend Travel posted on Apr 16
MassDOT encourages travelers to plan ahead, travel safely, and use public transportation where possible during the upcoming holiday weekend. Heavy traffic is expected due to Easter Sunday observances and Patriot’s Day/Marathon Monday, April 21. The heaviest traffic congestion on I-90 during busy holiday weekends is …Continue Reading Plan Ahead: Holiday Weekend Travel