The just signed Massachusetts Fiscal Year 2024 State Budget is good news for The Woods Hole, Martha’s Vineyard and Nantucket Steamship Authority.
The organization has had its bonding limit increased by 50 million dollars.
That brings the total amount that can be used for long-term capital projects to some 150 million dollars.
“As a self-funded public agency, increasing the bond limit is a crucial step in being able to undertake several pending and planned capital projects,” said Steamship Authority General Manager Robert B. Davis.
It was back in 2022 that the SSA started a project to replace the aging fleet of freight vessels.
These vessels are also being studied for the potential conversion of their existing diesel propulsion systems to hybrid propulsion technologies. Bonding capacity will be essential in funding this and other projects.
(Photo by Maddie Meyer/Getty Images)
Photo: Maddie Meyer / Getty Images News / Getty Images