Treasurer Sprague Announces OMAP Savings for the City of Blue Ash
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Blue Ash (Hamilton County) enter the market and save an estimated $19,850 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“OMAP allows local governments to benefit from strengthened credit quality, lower costs of borrowing, and improved marketability,” said Sprague. “We’re pleased to see more and more communities taking part in this program and we welcome Blue Ash as our newest partner.”
The OMAP credit enhancement will help the City of Blue Ash achieve significant interest cost savings. The note was issued for a town square renovation project.
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 265 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.8 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/.