Treasurer Sprague Announces OMAP Savings for Kirtland and Monroeville
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Kirtland (Lake County) and the Village of Monroeville (Huron County) enter the market to refinance outstanding debt and save an estimated $7,206 and $9,400, respectively, in interest costs over the next year.
“OMAP has consistently proven to be an impactful tool for local governments looking to save taxpayer dollars when financing important projects,” said Treasurer Sprague. “When communities utilize OMAP, they can tap in to the strength of the state’s credit rating to reduce their interest expenses. For the last six years, the City of Kirtland and the Village of Monroeville have utilized this program, and we’re proud to support these communities as they navigate the municipal debt market.”
Kirtland’s original notes were issued to finance road improvements, vehicle acquisitions, equipment, roofing, and HVAC system improvements. This latest issuance marks the seventh time that the city has utilized OMAP. The previous six deals saved the city an estimated $46,224 in interest expenses.
Monroeville’s original notes were issued to finance improvements to the village’s electric utility distribution infrastructure. The most recent issuance is the seventh time that the village has utilized the program. The previous six deals helped the village to save an estimated $86,372 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.