Treasurer Sprague Announces OMAP Savings for Two Montgomery County Communities

COLUMBUS - Over the last week, the Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped two Montgomery County communities enter the market and save a combined total of $3,736 in interest costs.

"For a decade, OMAP has been assisting our local governments in reducing interest costs when pursuing important community investments and improvements," said Treasurer Sprague. "We're proud to continue partnering with these two local communities and assist them in achieving meaningful savings on borrowing costs."

City of Fairborn (Montgomery County)

Fairborn's original notes were issued to fund road improvements, purchase property for a community gathering area, and to support the construction and repair of city sidewalks, curbs, and driveway approaches. The City of Fairborn has now utilized OMAP four times, and the previous three deals have saved the city an estimated $29,018 in interest expenses. The most recent deal saved the city an estimated $2,686 in interest costs.

City of Vandalia (Montgomery County)

The City of Vandalia's notes were issued to fund the acquisition of a fire ladder truck and fire apparatus. This deal marks the second time the City of Vandalia has leveraged OMAP, and the previous deal saved the city an estimated $2,730 in interest expenses. This latest deal will save the city an estimated $1,050 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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