Treasurer Sprague Announces OMAP Savings for Euclid and Holiday City
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Euclid (Cuyahoga County) and the Village of Holiday City (Williams County) enter the market to refinance outstanding debt and save an estimated $2,287 and $14,600, respectively, in interest costs over the next year.
“OMAP has a proven track record of helping local governments achieve significant interest cost savings when financing important projects,” said Sprague. “We’re proud of our longstanding partnerships with communities across the state and look forward to helping more of them lower borrowing costs in the future.”
Euclid’s original notes were issued to reinforce a retaining wall and finance motor vehicles. This latest issuance marks the fifth time that the city has utilized OMAP. The previous four deals saved the city an estimated $38,570 in interest expenses.
Holiday City’s original notes were issued to fund the construction of an electrical substation. The most recent issuance is the seventh time that the village has utilized the program. The previous six deals helped the village save an estimated $115,769 in interest expenses.
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 230 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.3 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 $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.