Treasurer Sprague Announces 2022 OMAP Deal Savings for the Village of Oakwood
COLUMBUS– The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Oakwood (Cuyahoga County) enter the market to refinance outstanding debt and save an estimated $2,962 in interest costs over the next year.
“As interest rates rise, OMAP can make a real difference in helping local governments stretch their dollars as they invest in important community projects,” said Sprague. “We’re proud to once again partner with the Village of Oakwood and provide these meaningful savings to their taxpayers.”
The OMAP credit enhancement allowed Oakwood to achieve considerable interest cost savings. The original note was issued to finance building improvements, real estate acquisition and street improvements. This issuance marks the eighth time that the Village of Oakwood has utilized OMAP. The previous seven deals saved the village an estimated $69,858 in interest expenses.
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 240 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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 $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.