Treasurer Sprague Announces 2022 OMAP Deal Savings for the Village of Woodmere
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Woodmere (Cuyahoga County) enter the market to refinance outstanding debt and save an estimated $2,837 in interest costs over the next year.
“Through OMAP, local governments can leverage the state’s high credit rating to lower borrowing costs when financing community projects,” said Treasurer Sprague. “With interest rates continuing to rise, we’re proud to offer this increasingly valuable tool as the Village of Woodmere makes these important investments.”
The OMAP credit enhancement allowed Woodmere to achieve considerable interest cost savings. The original note was issued to acquire real estate, renovate police and fire department facilities and construct a facility to house the village’s service department. This issuance marks the seventh time that the Village of Woodmere has utilized OMAP. The previous six deals saved the village an estimated $27,420 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 245 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/.