Treasurer Sprague Announces OMAP Deal Savings for the City of Hubbard
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Hubbard (Trumbull County) enter the market to refinance outstanding debt and save an estimated $4,545 in interest costs.
“OMAP is a powerful tool for local governments to save money while they finance critical infrastructure projects,” said Treasurer Sprague. “The program continues to help communities stretch their dollars and we’re proud to put the state’s high credit rating to work for the City of Hubbard.”
The OMAP credit enhancement allowed the City of Hubbard to achieve meaningful interest cost savings. The original note was issued to finance improvements to the city’s electric system infrastructure, including the purchase and installation of three diesel-fired generating units. This is the city’s fourth consecutive year participating in the program.
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 190 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.8 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/.