Treasurer Sprague Announces OMAP Savings for the City of Gahanna
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Gahanna (Franklin County) enter the market to refinance outstanding debt and save an estimated $12,750 in interest costs.
“In this challenging interest rate environment, OMAP provides local governments with a leg up as they leverage the state’s high credit rating to lower borrowing costs,” said Sprague. “We’re proud to partner with the City of Gahanna to help the community save money as they make important upgrades and investments.”
The OMAP credit enhancement will assist the City of Gahanna to achieve meaningful savings on interest costs. The original note was issued to acquire, construct, and renovate municipal facilities, including public safety components. This issuance marks the second time that the city has utilized OMAP to achieve savings. The previous deal saved the city an estimated $42,500 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 285 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.3 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/.