Treasurer Sprague Announces OMAP Deal Savings for the City of Lorain
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Lorain to refinance existing debt and save an estimated $9,639 in interest costs over the next year.
“When local governments across Ohio want to save money while investing in their community, they turn to OMAP,” said Treasurer Sprague. “Through the program, local governments can take advantage of the state’s high credit rating to lower their interest costs when financing important infrastructure and economic development projects. This is the fourth year that Lorain has utilized OMAP, and we’re proud to provide this support to the city.”
The OMAP credit enhancement allowed the City of Lorain to achieve meaningful interest cost savings. The proceeds from the original note were used to finance streetscape improvements as a part of a downtown revitalization project.
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.