Treasurer Sprague Announces OMAP Savings for the City of Lorain

Latest deal marks the sixth time the city has achieved savings through the program

COLUMBUS – This week, the Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Lorain (Lorain County) enter the market and save an estimated $9,160 in interest costs. 

“In Ohio, OMAP plays an essential role in assisting our local governments to achieve savings when financing significant improvement projects,” said Treasurer Sprague. “We’re proud to continue our partnership with the City of Lorain and help them to save thousands of dollars on borrowing costs.”

The OMAP credit enhancement will help the city achieve savings on road improvement efforts. This marks the sixth time the City of Lorain has leveraged OMAP, and the previous five deals have saved the city an estimated $54,437 in interest expenses. The most recent deal will save the city an estimated $9,160 in interest 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 315 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.2 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/.

###