Turnpike - Where's the Plan (Part III)

Sobering testimony from the heads of the state’s three biggest transportation agencies, as reported in today’s Boston Herald, show the need for Gov. Deval Patrick to accelerate his efforts to craft a comprehensive transportation reform package, Sen. Robert Hedlund said.

MBTA General Manager Daniel Grabuaskas, Mass. Turnpike Executive Director Alan LeBovidge, and MassPort CEO Thomas Kinton each spoke before the Joint Committee on Transportation yesterday. Grabauskas said virtually every dollar paid by riders is going to pay off the agency’s $8 billion in debt. LeBovidge said that without enacting a massive toll hike in January, the authority could see its credit rating plunge into junk bond status triggering a termination clause in a pair of swaptions that could cost the Turnpike upwards of $400 million. And Kinton said he could guarantee that Gov. Patrick’s plan to place MassPort in charge of Big Dig debt would not sink the financially solvent agency.

“We have been waiting nearly two years for a comprehensive transportation reform plan from Gov. Patrick. In the meantime, the situation at our transportation agencies continues to worsen,” Sen. Hedlund said. “We cannot solve these problems in a piecemeal fashion. As the state’s chief executive, it is time for Gov. Patrick to display leadership and unveil his vision of a modern transportation system that is solvent, efficient, and meets the needs of the Commonwealth’s 6 million residents.”

Sen. Hedlund added that the Republican Senate Caucus is looking forward to working closely with Gov. Patrick to bring real and needed reform to the state’s transportation system.