Treasurer Sprague Announces Latest Round of 2024 Savings through OMAP

Treasurer Sprague Announces Latest Round of 2024 Savings through OMAP

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped two northern Ohio communities enter the market and save a combined total of $55,323 in interest costs.

"OMAP has a strong track record of assisting local governments in reducing costs on infrastructure projects and other community enhancements," said Treasurer Sprague. "We're proud to continue partnering with the villages of Walton Hills and Pioneer to assist them in driving down costs and achieve meaningful savings."

Village of Walton Hills (Cuyahoga County)

Walton Hills' original notes were issued to fund road and traffic improvements, as well as the acquisition of police and service vehicles and a building for municipal purposes. This deal marks the ninth time the Village of Walton Hills has leveraged OMAP, and the previous eight deals saved the village an estimated $45,532 in interest expenses. The most recent deal is expected to save the village an estimated $5,460 in interest costs.

Village of Pioneer (Williams County)

The Village of Pioneer's notes were issued to fund major electric system improvements, including a new substation transformer, and distribution feeders. This deal marks the fourth time the Village of Pioneer has leveraged OMAP, and the previous three deals saved the village an estimated $104,588 in interest expenses. This latest deal will save the village an estimated $49,863 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 330 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.4 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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