Treasurer Sprague Announces OMAP Deal Savings for the Village of Newton Falls
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Newton Falls (Trumbull County) to refinance outstanding notes and save an estimated $5,520 in interest costs over the next year.
“With OMAP, local governments can stretch their dollars and complete important infrastructure projects at a lower cost,” said Treasurer Sprague. “We’re proud to partner with Newton Falls on this deal, and we look forward to working with more communities to lower their interest expenses and help them navigate the municipal debt market.”
The OMAP credit enhancement allowed the Village of Newton Falls to achieve meaningful interest cost savings. The original borrowing was used to finance electric system improvements and the acquisition and installation of a back-up generator.
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.