Treasurer Sprague Announces OMAP Savings for the City of Vandalia
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Vandalia (Montgomery County) enter the market and save an estimated $2,730.20 in interest costs over the next year. This issuance marks the first time that the city has utilized OMAP to achieve savings.
“As interest rates remain high, OMAP is a valuable resource that helps local governments stretch their dollars and save money on borrowing costs,” said Treasurer Sprague. “We’re glad to see the City of Vandalia taking advantage of this program for the first time as they finance the purchase of a new fire truck and equipment.”
The OMAP credit enhancement will help the City of Vandalia to achieve meaningful savings on interest costs. The original note was issued for the purchase of a fire ladder truck and fire apparatus.
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 280 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $5 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/.