Documents

Past Bond Issuances

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.