Treasurer Sprague Announces OMAP Savings for the City of Springboro

COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Springboro (Warren County) enter the market and save an estimated $13,961 in interest costs.  This issuance marks the first time the city has utilized OMAP to achieve savings.

“OMAP allows local governments to benefit from strengthened credit quality, lower costs of borrowing, and improved marketability,” said Sprague. “We’re pleased to see more and more communities taking part in this program and we welcome Springboro as our newest partner.”

The City of Springboro’s notes were issued to finance real estate acquisition and infrastructure 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 340 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $6.9 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 https://omap.ohio.gov/.

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