Treasurer Sprague Announces 2022 OMAP Savings for the Village of Jackson Center
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Jackson Center enter the market to refinance outstanding debt and save an estimated $16,065 in interest costs over the next year.
“OMAP is a valuable tool for local governments looking to save money when financing improvement projects in their communities,” said Treasurer Sprague. “By tapping into the strength of the state’s balance sheet, OMAP lowers interest expenses for our local government partners. In this time of rising interest rates, this cost-savings tool becomes even more impactful. We’re proud to partner with the Village of Jackson Center as they make these important investments.”
The OMAP credit enhancement has allowed the Village of Jackson Center to achieve meaningful interest cost savings. The original notes were issued to finance the construction of a new electric substation. This issuance marks the fifth time that the village has utilized OMAP. The previous four deals have saved the village an estimated $65,413.80 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 $4.6 million in estimated savings for local governments.
Government subdivisions that are in good fiscal standing and issue short-term debt may be eligible to participate in OMAP. 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.