Treasurer Sprague Announces OMAP Deal Savings for Mason City Schools
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Mason City School District (Warren County) enter the market to refinance outstanding debt and save approximately $13,930 in interest costs.
“Through the Ohio Market Access Program, local governments can benefit from the state’s high credit rating to finance important infrastructure projects and save on interest costs,” said Treasurer Sprague. “The Mason City School district has utilized the program for the last two years, and we’re proud of the savings generated for the district. We look forward to continuing to support them as they navigate the municipal bond market.”
The OMAP credit enhancement allowed the Mason City School District to achieve considerable interest cost savings. This is the district’s second year participating in the OMAP program and the original note was issued to finance the construction and renovation of school facilities.
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 180 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.70 million in 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $20 billion investment and $10 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.