HOS Lode Star recently purchased by the Steamship Authority.
FALMOUTH – The Steamship Authority’s borrowing limit has been increased by $50 million as part of the Commonwealth’s fiscal year 2024 budget.
The bond capacity for the authority is now $150 million. Officials with the ferry service said that as a self-funded agency, an increased limit is crucial for pending capital projects, including acquiring replacement vessels for the aging fleet.
Recently acquired Offshore Supply Vessels will transport freight to the islands and are being studied for potential conversion into hybrid propulsion systems.
The bond limit was last raised in 2014, when it saw a jump from $75 million to $100 million. Since then, the Consumer Price Index has gone up by about 26 percent.
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