Massachusetts

Massachusetts Wednesday announced that it has resolved a termination event on the fifth and final Massachusetts Turnpike Authority swap with UBS Securities LLC as counterparty.

The Massachusetts Turnpike Authority is seeking investment banking services, as the agency could refinance fixed-rate bonds associated with $800 million of floating-to-fixed-rate swaps.

Massachusetts Gov. Deval Patrick last week signed an executive order to implement the state’s $556.6 million recovery zone bond program, with Boston and local governments in Middlesex County receiving the largest distribution of bonds.

The Massachusetts Bay Transportation Authority plans tomorrow to sell its first Build America Bond deal, set for $213.8 million, after offering $39.3 million of traditional tax-exempt debt to retail investors today.

Massachusetts Gov. Deval Patrick Thursday said fiscal 2010 tax revenue will come in $600 million below prior estimates, and that he would potentially eliminate nearly 2,000 positions and implement spending reductions to offset the state’s underperforming tax receipts.

Massachusetts Gov. Deval Patrick Tuesday appointed Jeffrey Mullan as secretary and chief executive officer of the new Massachusetts Department of Transportation, which will begin overseeing most of the state’s surface transportation systems on Nov. 1.

Massachusetts Secretary of Transportation Jim Aloisi announced Friday that he will step down from his post by Nov. 1, the same time that a new bonding authority, the Massachusetts Department of Transportation, will begin overseeing most surface transportation systems throughout the state.

The deadline has been extended to negotiate a settlement on a $207.6 million swap agreement between UBS Securities LLC and the Massachusetts Turnpike Authority as it seeks to avoid paying a swap termination fee to the investment bank.

Massachusetts Treasurer Timothy Cahill last week formally announced his candidacy for governor in the 2010 general election.