Treasurer Sprague Announces OMAP Savings for City of Riverside
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Riverside (Montgomery County) enter the market and save an estimated $23,675 in interest costs over the next year.
“Through OMAP, local governments can leverage the state’s high credit rating to enter the market and receive a lower interest rate,” said Treasurer Sprague. “We’re proud to continue our partnership with the City of Riverside and assist them in achieving additional cost savings for the community.”
The OMAP credit enhancement will help the City of Riverside achieve significant interest cost savings. The original note was issued to acquire and improve two office buildings. This issuance marks the sixth time that the city has utilized OMAP to achieve savings. The previous deals have saved the city an estimated $65,330.52 in interest costs.
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 260 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.7 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/.