I know that folks in Western Massachusetts just love the idea that they may have to start paying tolls on the MassPike again, thanks to some bad investments.
Seen in the Boston Herald:
The Massachusetts Turnpike Authority yesterday began mulling new tolls on portions of Interstate 93, hiking tolls on the western Pike and reinstating charges at exits 1 through 6 to help rescue the agency’s ailing finances and to eliminate inequities.[...]
Turnpike Executive Director Alan LeBovidge said yesterday that finances took another negative turn after State Street Bank pulled out of a deal to help rescue the Pike from a pair of souring derivative transactions.
The Pike is currently losing $336,000 a month because of high interest charges, and faces losses of more than $850,000 a month in July unless it can reach an agreement to refinance its debt. State Street had been in talks with the Turnpike to re-issue $127 million in debt, but the bank decided Friday to pull its line of credit, officials said.