Treasurer Sprague Announces OMAP Savings for the Village of Put in Bay

Treasurer Sprague Announces OMAP Savings for the Village of Put-in-Bay

COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Put-in-Bay (Ottawa County) enter the market and save an estimated $25,953 in interest costs. This issuance marks the first time the village has utilized OMAP to achieve savings.

"OMAP allows local governments to benefit from strengthened credit quality, lower costs of borrowing, and improved marketability," said Treasurer Sprague. "We're proud to welcome the Village of Put-in-Bay as our newest OMAP partner, and we're honored to back their efforts to make important upgrades while also achieving more than $25,000 in total savings."

The OMAP credit enhancement will support the Village of Put-in-Bay's efforts to drive down interest costs. The village's notes were issued to fund the purchase of real estate, as well as to acquire, construct, furnish, and equip buildings to be used for police housing in the village.

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 $6.3 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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