Treasurer Sprague Announces 2023 OMAP Savings for the City of Forest Park
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Forest Park (Hamilton County) enter the market to finance two deals that will save an estimated $97,140 in interest costs over the next year.
“We’re always happy to see communities returning to OMAP to achieve lower interest costs while making community improvements,” said Sprague. “With these two latest deals, the City of Forest Park has now achieved more than $175,000 in savings through OMAP since 2017. We commend local leaders for seeking out savings when financing important projects, and we are proud to continue working with the community on this effort.”
The City of Forest Park utilized OMAP to issue a tax-exempt note and a taxable note to retire outstanding notes. The original notes were issued to finance street and building improvements and a land acquisition. These issuances mark the fifth and sixth OMAP deals for the city. The previous four deals have saved the city an estimated $79,700.43 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/.