By Kim Yu-yeon / Staff reporterBoston GlobeThe first time the Boston notary public issue a bond was in 2014, when it issued a $200 million bond for the rebuilding of the city’s historic Hancock Street station.
Now, the notaries are issuing bonds for $3.2 billion to fund the reconstruction of Boston’s subway system, and for a number of other projects including a $1.3 billion renovation of a Boston Harbor waterfront park and a $500 million overhaul of the T-Line system.
The Boston Public Library, Boston University, Boston Police Department, the city of Boston and other agencies are also expected to take part in the project.
“We have been preparing to start issuing bonds to cover these various projects for some time now,” said Tania Fauci, executive director of the Boston Public Notary Public Association.
“And we’re ready to begin taking the first steps of actually doing this as a city and a state.”
The notary association will be meeting with representatives of the three main Boston cities to discuss the project, which is expected to start in the second half of 2018.
Fauce said that, as a first step, the association will begin to take a closer look at what the notarists want to see and then will provide the details for the first bond that would be issued.
“The Boston Public notary will be able make decisions on what bonds to issue,” Faucite said.
“We will have to wait and see what happens.”
The Boston Notary Board of Trustees will be a member of the board of directors for the project as well.
Fucine said the notarial board is not expected to issue a single bond for Boston.
The Boston notarics board has been working with the city to design the project and, in conjunction with the Boston City Council, has been looking at ways to improve and improve the subway system.
Fruci said the Boston Mayor’s Office will oversee the project from a central office.
“It’s a city-wide initiative, not a local project,” Fucci said.
Boston is currently the only large U.S. city that does not have a notary in its central office, which has led to confusion about the legal and regulatory responsibilities of the notarist public.
Fuhs said the lack of a notarial office is partly because the city is looking to replace its notary agency with a similar one, with a new notary chief.
Boston has more than 2,600 notaries and a total of more than 1,200,000 registered notaries, according to Fucce.
The city of Cambridge, with 1,900 registered notars, also does not currently have a central notary, which Fucice said is not unusual.
“This is really just an expansion of the local notary system,” Fufci said of the new system.
“If you look at the central notaries in New York City and Chicago, they all have similar systems.
But in Boston, we’ve been working to find a new central notar.”
The new system could also bring greater flexibility for Boston residents.
Fuchs said the system is not tied to a specific ZIP code, so residents could register their addresses with the notarian public in one of a number or even multiple locations.
“In the past, there was an assumption that if you lived in a certain ZIP code you had to register with the central office,” Fuchs told TechCrunch.
“The new central office will be open to all the notars in the city.”
The program could also help improve the efficiency of the system, Fucces said.
Fuxci said that while the system has been able to meet its initial goals, it is still not clear how much it can really achieve.
“When you look around the city, notaries can only issue bonds in the area of the current subway and the T. Lines, which are a couple of miles away,” Fuxici said.
The new system will be designed to serve residents in areas that are not within the current service area, which will help reduce the number of people needing to travel by car or bus.
The program is expected come with many challenges, Fuxcci said, including cost.
Fuficci said they are also unsure how much they can expect to pay in fees, since there is no cost breakdown in the plan.
The project is expected begin in 2021, and Fuxicci noted that Boston will not issue bonds until the first of 2018 at the earliest.
Boston’s notary is expected in charge of the project until the end of 2020.