Treasurer Sprague Announces OMAP Savings for the City of Huber Heights
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Huber Heights (Montgomery and Miami Counties) enter the market and save an estimated $19,447 in interest costs. This issuance marks the first time the city has utilized OMAP to achieve savings.
“OMAP is an effective tool that assists local governments in reducing expenses and generating savings when funding community improvements,” said Treasurer Sprague. “This deal is the first time the City of Huber Heights has partnered with our office through OMAP, and we are honored to back the community’s efforts as they’ve achieved more than $19,000 in total savings.”
The OMAP credit enhancement will support the City of Huber Heights’s efforts to drive down interest costs. The city’s notes were issued to finance the construction of a new Public Works facility and a new building to house the City Council chambers and Senior Services facility.
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 315 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.3 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/.
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