Treasurer Sprague Announces OMAP Savings for the City of Martins Ferry

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Martins Ferry (Belmont County) enter the market and save an estimated $18,100 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.

"Through OMAP, local governments can leverage the state's strong credit rating to reduce borrowing costs and achieve savings," said Treasurer Sprague. "We are excited to welcome the City of Martins Ferry as our newest OMAP partner and are proud to support their efforts to make important improvements while saving over $18,000 in total."

The OMAP credit enhancement will support the City of Martins Ferry's efforts to drive down interest costs. The city's notes were issued to fund upgrades to water wells, plants, pumping stations, and related infrastructure, and to improve motors, pumps, controls, generators, filtration systems, electrical systems, and computer controls.

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 335 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.5 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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