Treasurer Sprague Announces Latest Round of Savings through OMAP in 2025

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped two Ohio communities enter the market and save a combined total of $17,870 in interest costs.

“The OMAP credit enhancement unlocks lower interest rates for local municipalities so they can make important community improvements at a reduced cost,” said Treasurer Sprague. “We’re proud to partner once again with both the City of Barberton and the Village of Grafton to assist them in driving down costs and achieving meaningful savings.”

City of Barberton (Summit County)

Barberton’s notes were issued to fund water system upgrades and road improvements. This deal marks the third time the City of Barberton has leveraged OMAP, and the previous two deals saved the city an estimated $7,372 in interest expenses. This latest deal will save the city an estimated $10,770 in interest costs. 

Village of Grafton (Lorain County)

The Village of Grafton’s notes were issued to fund upgrades and expansions to the village’s main substation, to increase the number of distribution circuit exits from the main substation, and to convert distribution lines from 4kV to 12kV. This deal marks the fifth time the Village of Grafton has leveraged OMAP, and the previous four deals saved the village an estimated $135,239 in interest expenses. The village will an estimated $7,100 in interest costs with this latest deal.

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 350 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $7.5 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/.

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