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Major Bonds Programs

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Learn more about how the T is investing in infrastructure, workforce development, communications tools, and more.

Documents related to major bonds programs at the MBTA are available for download below. 

Note: The information in this section is presented subject to readers' acknowledgment of this disclaimer.

Sales Tax Bonds

2024 Series A and B (Senior)
2023 Series A (Senior)
2022 Series A (Subordinated)
2021 Bond Anticipation Notes (Subordinated)
2021 Series A-1, A-2, B (Subordinated)
USDOT RRIF Loan Agreement for the Commuter Rail Safety and Resiliency Programs (2020)
2020 Series B (Subordinated)
2018 Series A1 and A2
2017 Bond Anticipation Notes (Subordinated)
2017 Series A1 and A2 (Subordinated)
2016 Series A
2015 Series A and B
2014 Series A
2010 Series A
2010 Series B
2010 Series C and D
2009 Series A and B
2009 Series C and D
2008 Series A
2008 Series B
2007 Series A
2006 Series A
2006 Series B
2006 Series C
2005 Series A
2005 Series B
2004 Series A, 2003 Series C
2004 Series B
2004 Series C
2003 Series A
2003 Series B
2002 Series A
2000 Series A
2000 Sales Tax Trust Agreement (as amended)

Assessment Bonds

2022 Series A, Subseries A-1, and Subseries A-2
2016 Series A
2012 Series A
2006 Series A
2005 Series A
2004 Series A
2000 Series A
2000 Assessment Bond Trust Agreement, Amended April 2022

General Transportation System Bonds

1967 GTS Bonds Resolution

Commercial Paper Notes

Forty-Fifth Supplemental Trust Agreement
Commercial Paper Offering Memorandum 2021

Rating Agency Reports

2023 Fitch Senior Sales Tax Bonds (June 2024)
2024 S&P Global Senior Sales Tax Bonds (June 2024)
2024 Kroll's Senior Sales Tax Bonds (June 2024)
2023 S&P Senior Sales Tax Bonds (March 2023)
2023 Kroll's Senior Sales Tax Bonds (March 2023)
2023 Fitch's Senior Sales Tax Bonds (March 2023)
2022 Moody's Subordinated Sales Tax Bonds (October 2022)
2022 Moody's Subordinated Sales Tax Bonds
2022 S&P Subordinated Sales Tax Bonds
2022 Moody's GTS Bonds (September 2022)
2022 S&P GTS Bonds (September 2022)
2022 S&P Assessment Bonds
2022 Fitch Assessment Bonds
2021 S&P Subordinated Bond Anticipation Notes (July 2021)
2021 S&P Commercial Paper (June 2021)
2021 Moody's Commercial Paper Notes
2021 S&P Subordinated Sales Tax Bonds
2021 Moody's Subordinated Sales Tax Bonds
2020 S&P Parking Bonds
2020 Moody's Assessment Bonds
2020 S&P Subordinated Sales Tax Bonds
2020 Moody's Subordinated Sales Tax Bonds
2020 S&P Assessment Bonds
2019 S&P Parking Bonds
2018 S&P Commercial Paper (November 2018)
2018 S&P Sales Tax Bonds (November 2018)
2018 S&P GTS Bonds (September 2018)
2018 Moody's GTS Bonds (August 2018)
2018 Moody's Senior Sales Tax Bonds (June 2018)
2018 S&P Senior Sales Tax Bonds (June 2018)
2017 Moody's Subordinated Sales Tax Bonds (PTC Loans)
2017 S&P Subordinated Sales Tax Bonds (PTC Loans)
2017 Moody's Subordinated Sales Tax Bonds
2017 S&P Subordinated Sales Tax Bonds
2017 S&P Sales Tax Bonds
2016 Moody's Assessment Bonds
2016 Moody's Sales Tax Bonds
2016 S&P Assessment Bonds
2016 S&P Seniors Sales Tax Bonds
2016 S&P Parking Revenue Bonds
2015 Moody's Commercial Paper Notes

Sustainability Bonds

2023 Sustainability Bond Progress Report
2022 Sustainability Bond Progress Report
2021 Sustainability Bond Progress Report
2020 Sustainability Bond Progress Report
2019 Sustainability Bond Progress Report
2018 Sustainability Bond Progress Report
MBTA Environmental Management Policy
2017 Sustainability Report
2017 Sustainability Bond Framework
2017 ICMA Green Bond Principles
2017 ICMA Social Bond Principles
2016 Sustainability Report
2016 APTA Sustainability Commitment
2014 Sustainability Report

Investment, Debt, and Derivative Policies

Master Derivatives Policy (June 2024)
Debt Issuance and Management Policy (June 2024)
Investment Policy (May 2023)

Municipal Advisor Rule Disclosure

Independent Municipal Advisor Exemption Language (FY25 revised September 2024)