Treasurer Sprague Announces OMAP Deal Savings for the Village of Oakwood
COLUMBUS - The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the Village of Oakwood (Cuyahoga County) enter the market to refinance outstanding debt and save an estimated $6,240 in interest costs.
“Through the Ohio Market Access Program, we’re putting the state’s high credit rating to work to help local governments save money and finance important infrastructure projects,” said Treasurer Sprague. “This is Oakwood’s seventh year utilizing OMAP, and we’re proud to continue partnering with the village as they navigate the municipal debt market.”
The OMAP credit enhancement allowed Oakwood to achieve considerable interest cost savings. The original note was issued to finance street improvements, vehicles, and the purchase and renovation of property.
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 180 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.7 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.