Treasurer Sprague Announces OMAP Savings for the City of Garfield Heights and the Village of Oakwood

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Garfield Heights (Cuyahoga County) and the Village of Oakwood (Cuyahoga County) to enter the market and save an estimated $73,299 and $14,950, respectively, in interest costs.

“For a decade, OMAP has helped Ohio’s local governments to drive down interest costs and get the most out of their dollars when financing important projects,” said Treasurer Sprague. “The City of Garfield Heights and the Village of Oakwood have each used the program multiple times in recent years, and the Treasurer’s office is proud to continue partnering with both communities to achieve meaningful savings.”

City of Garfield Heights

• Garfield Heights’ original notes were issued to finance street, sidewalk, water, and sewer improvements. This most recent deal marks the sixth time the city has utilized the OMAP program, and the previous five deals have saved the community an estimated $59,875 in interest expenses.

Village of Oakwood

• The village’s original notes were issued to finance building improvements, real estate acquisition, street improvements, and other various purposes. The village has now utilized OMAP ten times, and the previous nine deals have resulted in an estimated $78,761 in interest savings for the community.

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 305 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.9 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