Treasurer Sprague Announces New OMAP Savings for Lake County
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped Lake County enter the market and save an estimated $13,875 in interest costs over the next year.
“OMAP continues to work on behalf of our local governments to help them manage costs and save on interest expenses,” said Sprague. “We’re once again proud to partner with Lake County to assist them in achieving savings as they make road improvements.”
The OMAP credit enhancement will help Lake County to significantly lower interest costs. The original note was issued for road improvements. This issuance marks the sixth time that the city has utilized OMAP to achieve savings. The five previous deals have helped to saved the city an estimated $74,020.48 in interest costs.
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 260 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $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/.