Treasurer Sprague Announces OMAP Savings for the City of Uhrichsville
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Uhrichsville (Tuscarawas County) enter the market to refinance outstanding debt and save an estimated $4,880 in interest costs over the next year.
“OMAP is a powerful financial tool that enables the Treasurer’s office to partner with local governments and help them save money when investing in important community projects,” said Sprague. “By tapping into the state’s high credit rating, communities across Ohio can lower their interest expenses. We’re proud to have the City of Uhrichsville as a longstanding OMAP participant.”
The City of Uhrichsville utilized OMAP to achieve meaningful interest cost savings. The original notes were issued to improve a municipal park and swimming pool. This issuance marks the eighth time that the city has used the program. The previous seven deals have saved the city an estimated $106,861 in interest expenses.
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 250 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.4 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/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $39 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.