Treasurer Sprague Announces OMAP Savings for the City of Springfield
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Springfield (Clark County) enter the market and save an estimated $81,367.50 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“Local governments across the state are looking for ways to be responsible with public dollars while making critical infrastructure upgrades, and OMAP provides them with a way to save money as they finance projects,” said Sprague. “This is Springfield’s first-time entering the market through OMAP, and we’re proud to partner with them to achieve meaningful savings for yet another Ohio community.”
The OMAP credit enhancement will help the City of Springfield achieve significant interest cost savings. The note was issued for improvements to the city’s water and sewer infrastructure.
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/.