Treasurer Sprague Announces OMAP Savings for the City of Hamilton and Yellow Springs Schools
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Hamilton (Butler County) and the Yellow Springs Exempted Village School District (Greene County) enter the market and save on interest costs.
“OMAP unlocks the power of Ohio’s Treasury to help communities save big on borrowing costs,” said Sprague. “Through the program, local governments and school districts are leveraging the state’s high short-term credit rating to lower their interest rates as they finance important community improvement projects.”
City of Hamilton
With this current deal, the City of Hamilton will save an estimated $132,925 in interest expenses. The original note supported a series of efforts including the acquisition and construction of a criminal justice complex, as well as improvements to stormwater and wastewater systems, the RiversEdgeAmphitheater, and gas and water main lines. This latest issuance marks the second time the city has utilized OMAP to achieve savings. The previous deal saved the city an estimated $198,075 in interest expenses.
Yellow Springs Exempted Village School District
The Yellow Springs Exempted Village School District is set to save an estimated $10,541 in interest expenses. The note was used to finance renovations and improvements to school facilities. This is the first time the school district has utilized OMAP to save on financing costs.
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 290 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5.5 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/.