Treasurer Sprague Announces OMAP Deal Savings for the City of Euclid
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Euclid to refinance existing debt and save an estimated $3,230 in interest costs.
“The Ohio Market Access Program puts the state’s high credit rating to work for our local government partners and helps to reduce interest costs on their important public projects,” said Treasurer Sprague. “This is Euclid’s fourth year participating in the program, and we’re proud of the savings generated for the city. We look forward to continuing to support them as they navigate the municipal bond market.”
The OMAP credit enhancement allowed the City of Euclid to achieve meaningful interest cost savings. The proceeds from the original note were used to finance the construction of a retaining wall and the purchase of motor vehicles for the city.
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 $3.9 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.