Treasurer Sprague Announces 2024 OMAP Savings for the Village of Granville

Treasurer Sprague Announces 2024 OMAP Savings for the Village of Granville

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Granville (Licking County) enter the market to achieve significant savings on interest costs. The village is set to save an estimated $13,201 as it refinances outstanding debt.

"Over the past decade, OMAP has assisted Ohio's local governments by leveraging the state's strong credit rating to drive down costs and save taxpayer dollars on major improvement projects," said Treasurer Sprague. "The Village of Granville continues to successfully utilized the program, and we're proud to support their ongoing efforts through this initiative."

The Village of Granville recently utilized OMAP to execute two recent deals, issuing a tax-exempt note and a taxable note to retire outstanding notes. The original notes were issued to finance the construction of a service center and to acquire real estate. In all, the Village of Granvillle has now utilized OMAP for five deals, with the previous three deals having saved the village an estimated $38,317 in interest expenses. The two most recent deals will save the city a combined estimated total $13,201 in interest costs.

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 320 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/.

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