Treasurer Sprague Announces Latest Round of Savings through OMAP This Week

COLUMBUS - This week, the Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague helped five communities enter the market and save a combined total of $96,749 in interest costs.

"Over the past decade, OMAP has served as a reliable and effective tool in helping our local governments to drive down costs and save money when pursuing community improvement initiatives," said Treasurer Sprague. "This week, we're proud to have helped five Ohio communities achieve meaningful savings through the program."

Bedford City School District (Cuyahoga County)

This year marks Bedford City School District's first time participating in OMAP. The school district's notes were issued to finance various construction and building improvement projects involving two new elementary schools, as well as a middle school and high school. The deal saved the district an estimated $29,425 in interest expenses.

City of Delaware (Delaware County)

The city's original notes were used to finance public safety, road, and transportation improvements. The City of Delaware has now utilized OMAP two times, with the previous deal having saved the city an estimated $6,981 in interest costs. This week's deal is expected to save the city an estimated $18,674 in interest expenses.

City of Middletown (Butler County)

The City of Middletown is a first-time OMAP participant and is set to save an estimated $8,227. Middletown's notes were issued to finance public infrastructure improvements for the development of a multi-purpose entertainment facility.

Village of Pemberville (Shelby County)

This week's OMAP deal saved the Village of Pemberville approximately $9,973 in interest expenses. The original notes were used to finance the replacement of a transformer, circuit breaker, and switchgear at its Electric Street Substation. The Village of Pemberville has now utilized OMAP twice, and the previous deal saved the city an estimated $5,500 in interest costs.

City of Youngstown (Mahoning County)

Youngstown saved an estimated $30,450 in interest costs through this week's deal. The city's original notes were issued to finance renovations to the City Hall Annex Building. This marks the tenth time the City of Youngstown has utilized OMAP, and the city has already saved an estimated $388,508 in interest expenses over the previous nine deals.

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 $6.2 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/.

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