Treasurer Sprague Announces OMAP Savings for the City of West Carrollton
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of West Carrollton (Montgomery County) enter the market to refinance outstanding debt and save an estimated $47,200 in interest costs over the next year.
“By participating in OMAP, local governments benefit from lower borrowing costs, strengthened credit quality, and improved marketability,” said Sprague. “We’re proud to have West Carrollton as a longstanding partner with the program and look forward to helping more local governments achieve cost savings in the future.”
The OMAP credit enhancement allowed the City of West Carrollton to achieve meaningful interest cost savings. The original notes were issued for local economic development projects. This issuance marks the sixth time that the city has utilized OMAP. The previous five deals have saved the city an estimated $124,792 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 230 deals, ranging from $365,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.3 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.