BOSTON – July 24, 2009 -- Governor Deval Patrick and legislative leaders announced today that the Commonwealth has saved $190 million in transportation-related costs as a direct result of sweeping transportation reform signed into law less than 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. Today, it was also announced that UBS would extend 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.
Friday, July 24, 2009
Big Patrick Victory
From a Patrick presser, something like this should be huge news. Unfortunately, it's overshadowed by all the silly, pesky issues.