Treasurer Sprague Announces OMAP Deal Savings for the City of Uhrichsville
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Uhrichsville (Tuscarawas County) to issue new debt, refinance outstanding notes, and save an estimated $4,598 in interest costs over the next year.
“For the past six years, the City of Uhrichsville has utilized OMAP to save money while they invest in their community,” said Treasurer Sprague. “By leveraging the state’s high credit rating, we’re able to help our local government partners reduce interest costs and fund important public projects.”
The OMAP credit enhancement allowed the City of Uhrichsville to achieve meaningful interest cost savings. The original note was used to fund improvements to a municipal park and swimming pool. The proceeds from the note will be used to retire a portion of the 2020 notes.
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.