Treasurer Sprague Announces 2022 OMAP Savings for Village of Genoa
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Genoa (Ottawa County) enter the market and save an estimated $7,090.52 in interest costs over the next year.
“With interest rates on the rise, OMAP is a time-tested and helpful tool for local governments to save on their borrowing costs,” said Treasurer Sprague. “We’re proud to once again help Genoa stretch their tax dollars as they finance improvements to the village’s electric system.”
The OMAP credit enhancement will help the Village of Genoa achieve significant interest cost savings. The note was issued to fund major electric system improvements, including three diesel fired generating units. The Village of Genoa has been an OMAP participant since 2017 and the previous five deals have saved an estimated $81,617.69 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 255 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.5 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/.