Treasurer Sprague Announces 2022 OMAP Savings for Lake County
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Lake County enter the market to refinance outstanding debt and save an estimated $17,425 in interest costs over the next year.
“With OMAP, communities can stretch their dollars when financing important infrastructure projects like road improvements,” said Treasurer Sprague. “OMAP leverages the state’s high credit rating to reduce interest expenses for our local government partners. We’re proud to partner with Lake County as they continue to invest in their community.”
The OMAP credit enhancement allowed Lake County to achieve meaningful interest cost savings. The original notes were issued to finance road improvements. This issuance marks the fifth time that the county has utilized OMAP. The previous four deals have saved the county an estimated $46,715 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 220 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.2 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.