The Massachusetts Turnpike Authority yesterday entered into an agreement with the commonwealth in which the agency will receive $100 million from Massachusetts' coffers to help cover debt service costs during the next 30 years in return for the agency not implementing a toll hike on the Metropolitan Highway System in fiscal 2010.

The authority approved the contract as net debt service costs will increase by $42.4 million in fiscal 2010, which begins tomorrow. Along with the agreement with the state, MassPike's board unanimously approved a fiscal 2010 operating budget.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.