Treasurer Sprague Announces OMAP Deal Savings for the City of Elyria
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Elyria (Lorain County) enter the market to refinance outstanding debt, issue new debt, and save an estimated $4,880 in interest costs over the next year.
“Whether it’s purchasing equipment and vehicles for the fire department or constructing a new road, OMAP stretches taxpayer dollars for local governments as they finance important projects,” said Treasurer Sprague. “We’re proud of the savings we’ve generated for Elyria over the last five years.”
OMAP credit enhancements have allowed the City of Elyria to achieve significant interest cost savings. The original note was issued to fund the construction of the Chestnut Commons Connector Project. The new issuance will finance the purchase of a fire truck and other equipment for the city’s fire department. Since Elyria began utilizing OMAP in 2017, the program has saved the city an additional estimated $43,026 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 200 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4 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/.
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 $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.