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IRMA Letter
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 9, 2022
Metropolitan Highway System Revenue Refunding Bonds $371,380,000
Commonwealth Contract Assistance Secured
Variable Rate Demand Obligations, 2022 Series A-1, Series A-2 and Series A-3
MHS Variable Rate Demand Bonds were issued to refund the outstanding fixed rate bonds, with a Jan 1, 2023 tender date in the principal amount of $371,380,000, in order to align with the Swaps that went live on the first of the year, establishing a synthetic fixed rate structure.