Treasurer Sprague Announces the Latest Round of Savings through OMAP

Treasurer Sprague Announces the Latest Round of Savings through OMAP

More than $32,000 in estimated savings achieved across three recent deals

COLUMBUS - This week, the Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague helped three communities enter the market and save a combined total of $32,450 in interest costs.

"Through OMAP, our local governments have the power to leverage the state's high credit rating to drive down borrowing costs and save money," said Treasurer Sprague. "This week we're proud to welcome one new partner and two returning partners to the expanding list of OMAP participants who are achieving significant savings as they make important improvements to their communities."

Logan County (Logan County)

This deal marks Logan County's first time participating in OMAP. The county's notes were issued to finance building and renovation costs associated with the Logan Acres County Home, as well as new equipment and furnishings. In total, the deal is expected to save the county an estimated $4,487 in interest expenses.

Village of Granville (Licking County)

Granville's original notes were used to finance the maintenance and replacement of the village's water mains and service lines, including all necessary appurtenances. The Village of Granville has now utilized OMAP three times, and the previous deals had saved the village an estimated $26,350 in interest expenses. This most recent deal saved the Village of Granville an estimated $11,967 in interest expenses.

Village of Jackson Center (Shelby County)

This week's OMAP deal saved the Village of Jackson Center approximately $15,996 in interest expenses. The original notes were issued to finance the construction of a new electric substation. The Village of Jackson Center has now utilized OMAP seven times, and the previous six deals have saved the village an estimated $98,552 in interest expenses.

OMAP is a credit enhancement program that leverages the state's excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 315 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.3 million in estimated savings for local governments.

Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing short-term debt is eligible to participate. For more information, visit https://omap.ohio.gov/.

###

Public link

Please use the above public link if you want to share this noodl on another website.