Treasurer Sprague Announces OMAP Savings for the City of Kirtland
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Kirtland (Lake County) enter the market and save an estimated $9,306 in interest costs over the next year. This issuance marks the eighth time that the city has utilized OMAP to achieve savings.
“OMAP is helping our local governments to obtain more competitive interest rates and achieve meaningful cost savings,” said Treasurer Sprague. “With this being their eighth time using the program, the City of Kirtland has already saved tens of thousands of dollars through OMAP since 2016.”
The OMAP credit enhancement will help the City of Kirtland achieve significant interest cost savings. The original note was issued to finance vehicle acquisitions and various projects including road, equipment, and HVAC system improvements.
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 265 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $4.8 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/.