Treasurer Sprague Announces OMAP Savings for the City of Forest Park
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Forest Park (Hamilton County) enter the market to refinance outstanding debt and save an estimated $53,370 in interest costs over the next year.
“Whether its acquiring land or upgrading the city’s streets and roads, OMAP helps local governments stretch their dollars and reduce borrowing costs,” said Treasurer Sprague. “OMAP puts the state’s strong balance sheet to work to reduce interest expenses for our local government partners. With interest rates rising, this program becomes an even more valuable cost savings tool for Ohio’s communities. We’re proud to have Forest Park as a continued partner in OMAP.”
The City of Forest Park utilized OMAP to issue a tax-exempt note and and a taxable note to retire outstanding notes. The original notes were issued to finance land purchases and street and road improvements. This issuance marks the fifth time that the city has used the program. The previous four deals have saved the city an estimated $27,507 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.