Treasurer Sprague Announces 2023 OMAP Savings for the City of Elyria
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Elyria (Lorain County) enter the market and save an estimated $6,421 in interest costs over the next year.
“Through OMAP, we’re putting the power of the Treasury to work for Ohioans by unlocking lower interest rates for our local governments,” said Sprague. “We’re pleased to see the City of Elyria return to the program for the eighth time to save thousands of dollars on borrowing costs.”
The OMAP credit enhancement will help the City of Elyria to achieve significant savings on interest costs. The original note was issued to finance construction of the Chestnut Commons Connector project and to acquire a fire truck for the Elyria Fire Department. This issuance marks the eighth time that the city has utilized OMAP to achieve savings. The previous seven deals have saved the city an estimated $65,375 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 275 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $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/.