guarantee

Massachusetts Governor Deval Patrick has quietly sponsored legislation to allow the Massachusetts Turnpike Authority to refinance on the state's security, making the state liable for the Turnpike's debt if it defaults. Normally the Turnpike Authority's borrowing is secured only by the net toll revenues of the Turnpike. They are called "non-recourse" loans because the bondholders have no recourse to the state if revenues are insufficient.
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