Treasurer Sprague Announces OMAP Savings for the City of Wapakoneta
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Wapakoneta (Auglaize County) enter the market and save an estimated $98,604 in interest costs over the next year.
“We’re pleased to see local governments across the state return to OMAP to achieve important savings when investing in their communities,” said Treasurer Sprague. “This most recent deal will save the City of Wapakoneta nearly $100,000 – bringing their total savings to more than $675,000 since 2018.”
The OMAP credit enhancement will help the City of Wapakoneta to achieve significant savings on interest costs. The original note was issued to finance an upgrade to an electrical substation, adding and upgrading transmission lines, and other related improvements. This issuance marks the sixth time that the city has utilized OMAP to achieve savings. The previous five deals have saved the city an estimated $579,946.74 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 275 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated approximately $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/.