Treasurer Sprague Announces OMAP Savings for City of Canal Winchester
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Canal Winchester (Fairfield and Franklin counties) enter the market and save an estimated $2,991.78 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“OMAP puts the state’s balance sheet to work for our local governments by lowering their interest costs as they complete important projects,” said Sprague. “We’re pleased to see more communities taking advantage of the program and we welcome Canal Winchester as our newest OMAP partner.”
The OMAP credit enhancement will help the City of Canal Winchester to achieve significant savings on interest costs. The original note was issued to finance a new municipal complex and related public infrastructure improvements.
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 270 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.9 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/.