Treasurer Sprague Announces OMAP Deal Savings for the Village of Holiday City
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Holiday City (Williams County) refinance outstanding debt and save an estimated $13,816 in interest costs over the next year.
“When it comes to financing important infrastructure improvements, every dollar counts,” said Treasurer Sprague. “The Ohio Market Access Program allows local governments to benefit from the state’s high credit rating by lowering their interest payments when financing these projects. We’re proud of the savings generated for the village as they invest in the future.”
The OMAP credit enhancement allowed the Village of Holiday City to achieve significant interest cost savings. The original note was issued to finance the construction of an electric substation and a transmission line interconnection point. This is the village’s sixth 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 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.