Treasurer Sprague Announces 2023 OMAP Savings for the Village of Monroeville
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Monroeville (Huron County) enter the market and save an estimated $7,702.50 in interest costs over the next year. This issuance marks the eighth time that the village has utilized OMAP to achieve savings.
“With this deal, the Village of Monroeville is set to surpass $100,000 in total savings through OMAP,” said Sprague. “The community has taken advantage of lower borrowing costs and improved marketability for the last seven years, and we’re glad to see them return to the program in 2023.”
The OMAP credit enhancement will help the Village of Monroeville achieve significant interest cost savings. The original note was issued to finance upgrades to the village’s electrical distribution infrastructure.
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/.