Treasurer Sprague Announces 2023 OMAP Savings for the City of Euclid
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Euclid (Cuyahoga County) enter the market and save an estimated $1,162.50 in interest costs over the next year. This issuance marks the sixth time that the city has utilized OMAP to achieve savings.
“The City of Euclid is taking full advantage of what OMAP can offer to local governments,” said Treasurer Sprague. “We’re happy to welcome them back as a partner for the sixth time and see their savings grow each year.”
The OMAP credit enhancement will help the City of Euclid achieve significant interest cost savings. The original note was issued to finance the purchase of motor vehicles.
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 265 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.8 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/.