OMAP Enhances $1 Billion in Notes for Ohio’s Local Governments
COLUMBUS – Ohio Treasurer Robert Sprague today announced that the Ohio Market Access Program (OMAP) has now enhanced and lowered interest costs for $1 billion in local government notes.
“During this year of market volatility and tightening budgets across the state, OMAP was more valuable than ever in helping Ohio’s communities stretch their dollars and complete important infrastructure projects,” said Treasurer Sprague. “We look forward to partnering with more local governments in the new year and helping them finance the work that improves the lives of Ohioans.”
In 2020, the Treasurer’s office completed 38 OMAP deals, compared to 37 in 2019. However, the total estimated savings the program provided to local governments more than doubled in 2020 ($920,000 in 2020 compared to $437,000 in 2019).
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 190 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.8 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.