Treasurer Sprague Announces OMAP Savings for the City of Elyria
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Elyria enter the market to refinance outstanding debt and save an estimated $14,975 in interest costs over the next year.
“With interest rates on the rise, programs like OMAP become even more essential in helping communities save money,” said Treasurer Sprague. “Through OMAP, we can leverage the state’s strong balance sheet to reduce interest expenses for our local government partners. We’re proud to support the City of Elyria as they enter the municipal debt market.”
The OMAP credit enhancement has allowed the City of Elyria to achieve meaningful interest cost savings. The original notes were issued to fund the construction of the Chestnut Commons Connector Project and the purchase of a fire truck and other equipment for the city’s fire department. This issuance marks the seventh time that the city has utilized OMAP. The previous six deals have saved the city an estimated $47,906.10 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 235 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.4 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.