Bond Issues
May 1, 1954 Original Bond Issue $239,000,000
(To fund the Initial Turnpike )
January 1, 1962 $218,000,000
Series A $100,000,000
Series A (1964 Issue) $38,000,000
Series B $80,000,000
(To pay for the Boston Extension)
November 1, 1968 Bond Issue $15,000,000
(Special Construction Fund)
July 16, 1986 $40,000,000
Series A
Turnpike Improvement Revenue Bonds
October 1, 1990
MIFA Bond Issue $47,000,000
Bond Issuance by MIFA [Massachusetts Industrial Finance Agency] with payments made by the MTA from tunnel revenues and other funds.
March 1, 1993 $365,555,000
Series A
(To Refund the Turnpike Improvement Revenue Bonds 1986 Series A,
and Fund the 5 Year Capital Improvements Program)
January 15, 1996
Guaranteed Bond Anticipation Notes $259,315,000
(Advance Refund the Outstanding Massachusetts Industrial Finance Agency Tunnel Bonds (MIFA) for the repairs on the Sumner and Callahan Tunnels and certain start-up costs associated with the Ted Williams Tunnel )
March 20, 1997
Metropolitan Highway System (MHS) Legislation—New Enabling Act for the MTA enacted March 20, 1997 -Refund the 1993 Bonds to split the MTA into the MHS and the Western Turnpike System; Repay the 1996 BANs from MHS resources; Finance the new $700 million contribution to the CA/T Project as required by legislation from the MHS cost center by 12/31/98; Assume project management role in the CA/T Project.
September 24, 1997
Metropolitan Highway System Revenue Bonds $1,377,726,617
Series A (Senior) $1,183,046,617
Series B (Subordinated) $ 194,680,000
Series C (Senior) $ 89,136,005.95
Western Turnpike Revenue Bonds
Series A $297,520,000
March 15, 1999
Series A (Subordinated) $808,975,000
MHS Bonds were issued to pay the Commonwealth of MA for certain costs related to the CA/T Project and to refund certain indebtedness, while funding the Debt Service Reserve Fund.
April 1, 2010
Metropolitan Highway System Revenue Bonds $853,555,000
Commonwealth Contract Assistance Secured
VRDOS Series A 1-7 (Subordinated) $592,335,000
Series B (Subordinated) $261,220,000
MHS Subordinated Bonds were issued for the purpose of refunding fixed rate bonds, in order to capture present value savings and to switch to floating rate bonds [VRDBs], in order to align the debt profile with the outstanding swaps.
May 19, 2010
Metropolitan Highway System Revenue Bonds $1,089,975,000
VRDOS Series A 1-2 (Senior) $207,665,000
Series B (Senior) $882,310,000
MHS Senior Bonds were issued for the purpose of refunding fixed rate bonds, in order to capture present value savings and to switch to floating rate bonds [VRDBs], in order to align the debt profile with the outstanding swaps.
November 15, 2011
Western Turnpike Revenue Bonds $90,110,000
Series A $7,375,000
Series B (Federally Taxable) $82,735,000
Western Turnpike Bonds were issued to capture present value savings.
May 1, 2018
Metropolitan Highway System Revenue Bonds $135,690,000
Commonwealth Contract Assistance Secured
Series A (Subordinated)
MHS Bonds were issued to refund bonds and to pay the costs associated with terminating two interest rate swaps.
Jan 15, 2019
Metropolitan Highway System Revenue Bonds $437,195,000
Commonwealth Contract Assistance Secured
Variable Rate [Term Rate] Series A (Subordinated) $371,380,000
Series B-1 (Subordinated) $51,230,000
Series B-2 (Subordinated/ Fed Taxable] $14,585,000
MHS Bonds were issued to refund a portion of VRDBs and to pay the costs associated with terminating one interest rate swap and partially terminating another.
October 2, 2019
Metropolitan Highway System Revenue Bonds $464,650,000
Series A (Senior)
Metropolitan Highway System Revenue Bonds $199,505,000
Commonwealth Contract Assistance Secured
Series C (Subordinated)
MHS Bonds were issued to refund outstanding bonds in order to capture present value savings on both the senior and subordinated series.
November 2022
Metropolitan Highway System Revenue Bonds $371,380,000
Commonwealth Contract Assistance Secured
MHS Bonds will be issued to refund the MHS 2019 A Variable Rate [Term Rate] Subordinated Bonds which had a mandatory tender ‘soft put’ date of 1/1/2023 prompting a refunding or remarketing of the bonds.
